PNC Bank is the latest lender to freeze its foreclosures. PNC becomes the fourth major lender to temporarily freeze foreclosures, joining Bank of America, JPMorgan Chase, and GMAC Mortgage.
PNC will suspend the sale of any home that was foreclosed upon by the bank. The freeze will last for an initial period of one month. PNC announced that the foreclosure sale suspension is to allow the bank to review the process it uses when foreclosing on a home and to determine the validity of its documents.
