After Bank of America announced Friday that it was halting home foreclosures across the country, local companies were forced to take action.
Litton Loan Servicing, a mortgage company based in Houston, stopped some foreclosures so it could review its documents. Another local company, Stewart Title, halted the sales of foreclosed homes.
“The victim, of course, is the family that really would like to move on from a foreclosure. That’s really the victim,” said Steven Kaufman, owner of locally-based Zeus Mortgage.
Kaufman said the foreclosure moratorium is just delaying the inevitable for homeowners in a tight situation.
“While it will keep them in their homes through the holidays, for many that is little consolation,” he said.
Cecilia Vignoli, a homeowner in Florida, learned the foreclosure documents on her home were signed by a GMAC processor.
“How can there be people like that to just, you know, do stuff without even being conscientious to what the consequences might be?” she asked.