In Bank of America’s 4th quarter report today (seen at Calculated Risk), they state their preference and commitment to the drip system:


  • Resumed foreclosure sales in most non-judicial states in early December, starting with vacant and non-owner occupied properties; expect to resume sales in remaining states in 1Q11.
  • Maintaining a deliberate and phased approach.
  • Remain committed to ensure no property is taken to foreclosure improperly.
  • Review of our foreclosure process shows the basis for our decisions has been accurate.
  • Process areas identified for improvement.

Delinquency Statistics for Completed Foreclosure Sales

  • 78% of borrowers had not made a mortgage payment for more than one year.
  • Average of 585 days in delinquent status (approximately 19 months).
  • 50% of properties were vacant (excludes loans for which occupancy was unknown).
  • 54% of borrowers were unemployed or had their income reduced.

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