GMAC and Bank of America Agree to Halt Foreclosure Sales in Maine

Maine attorney general Janet T. Mills announced last week that negotiations with ""GMAC Mortgage LLC"":http://www.gmacmortgage.com/index.html and ""Bank of America"":http://www.bankofamerica.com had resulted in a temporary halt in foreclosure sales in the state.

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The two lenders have agreed not to proceed to judgments on any pending matters in Maine until they have completed an internal review of their foreclosure

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procedures and discussed the procedures with the attorney general.

The agreement came after the attorney general expressed concern about the foreclosure procedures used by the two companies, both of which have been involved in recent ""robo-signing"" issues.

Mills also expressed concern with Bank of America's Home Affordable Modification Program, which has experienced some slow-downs due to paperwork overload.

""My office is receiving calls every day from homeowners who complain that the bank lost the paperwork and they are unable to speak with the same person twice about their loan,"" Mills said in a statement.

She continued, ""My office will continue to insist that the banks devote more resources to loan modifications and to streamlining their modification processes. I advise consumers to be persistent, to contact a HUD certified counselor and to document attempted contacts with their lender.""