Bank of America cranks up foreclosure filings

Foreclosure filings and sales jumped significantly throughout areas in the West, reversing what had been a declining trend the past several months, ForeclosureRadar reports.

The surge was driven by a drastic increase in filings by Bank of America, according to ForeclosureRadar.

Bank of America and related entities posted a 116 percent increase from July to August in foreclosure starts, ForeclosureRadar reports in its August report. Foreclosure starts represent the first notice filed, either a notice of default or notice of trustee sale, depending on the state.

“Bank of America appears to be primarily responsible for the surge in foreclosure starts this month,” says Sean O’Toole, CEO of ForeclosureRadar.com. “Since their average time to foreclose has recently increased to more than a year, it is unclear that these foreclosure starts will lead to an increase in foreclosure sales anytime soon.”