None of the banks involved (including Bank of America and JP Morgan Chase) have publicly stated whether they will meet these demands.
Currently, it is estimated over 2 million American households are in active foreclosure, with another 2.2 million households considered ‘severely delinquent’ vis a vis their mortgages. Experts fear that a plan like this would further slow the overall foreclosure process, burdening their communities and neighbors with the consequences. Many experts believe that the faster all of these foreclosures are finished, the faster the properties will ‘turnover’, stabilize the market and then eventually lead the real estate market back to normalcy. Foreclosures already take, on average, approximately 400 days from start to sheriffs/judicial sale. We all know that community association units and homes in ‘foreclosure’ almost always fail to pay assessments and/or maintenance fees, with the completion of the foreclosure (i.e., sheriffs sale/judicial sale) resulting in the first regular payments from that particular unit for perhaps years.
Hopefully the federal government and/or the state attorneys general will consider the needs and interests of our communities suffering from bank foreclosures when pressing demands like these.
