According to CNN, Bank of America (which purchased Countrywide) said this Friday that it is going to resume foreclosing on homeowners who have fallen behind on their monthly payments.
"We have identified areas of our process that can be improved and while we make these improvements, it's important that we move ahead with efforts to reduce the number of abandoned properties across the country," said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans, in a statement. "The properties can drag home values in neighborhoods and slow the eventual recovery of the housing market."
The bank said it plans to proceed with 16,000 foreclosures this month, though it will observe a "holiday suspension" of sales and evictions from Dec. 20 to Jan. 2.
So if you don't get a foreclosure notice by December 19th, that means that you may be able to get another two weeks. I'm guessing that the bank executives just don't want the company to have negative press that would be associated with kicking people out onto the street during Christmas time.
