CHARLOTTE, N.C. – There’s no word yet if Charlotte's biggest bank, Bank of America, will honor a deadline set by Attorney General Roy Cooper to halt foreclosures in North Carolina.
Cooper wrote the bank, setting a deadline of Friday to stop proceedings in the state.
In that letter Cooper pointed out that BofA has voluntarily suspended foreclosures in 23 other states.
Cooper's letter reads, "If Bank of America has halted foreclosure proceedings in other states due to flaws in it affidavit process, we do not understand why Bank of America should routinely continue with foreclosures with the same flaws in North Carolina.”
In its own statement, Bank of America said it conducted an initial assessment and the findings show, "the factual loan information underlying our foreclosures is accurate."
The statement does not say if it will halt proceedings by Cooper's Friday deadline.
UNC-Charlotte banking expert Tony Plath says he believes Bank of America has continued foreclosures in its home state because the rules here are different.
"North Carolina doesn't require the rigor that some other states do, but given the A.G.'s request, I think it is only natural Bank of America is going to comply.
Confusion over foreclosures has put another crimp in the already distressed housing market, where people are already losing out when they try to buy a home in foreclosure.
Real estate broker Heidi Hines says she has already seen it happen at the last minute.
"On the way to the closing we get a phone call, 'Oh, this home isn't closing.' 'Oh, why?' 'Because they are halting the closing of foreclosures."
