Sound Off: The Foreclosure Freeze

A scandal over banking paperwork led Bank of America to freeze home foreclosures in all 50 states, while four other big banks did the same thing in 23 states.

It doesn’t mean that these homes won't eventually face foreclosure, only that the paperwork may not have been in order.

Many of the banks now admit that their employees signed thousands of foreclosure documents without ever reading them.

“They have to do something, because there’s nothing that we can do as mortgage holders to try and resolve our problems – because there’s nobody to talk to,” said one frustrated viewer we spoke with. “And, you know, we’re talking to people on the phone that have no idea and are not even in Michigan.”

Is a bank freeze a good idea? What are the long term impacts?

Watch video of FOX 2’s Huel Perkins and Bill Gallagher discussing the current moratorium on foreclosures with Dorothy Guzek of Green Path Debt Solutions.

What do you think about the foreclosure freeze? Will it create false hope for some? A fair extension for others to formulate a plan to keep their homes? Sound off below in the comments section.