From the kick the can file, it looks like clock is about to strike twelve for thousands of delinquent borrowers.
Out of both time and options, the big banks are reportedly ready to put an end to it all.
Among them is the Bank of America which our own Ian Cooper reported last week was preparing to ratchet up foreclosure notices by some 600% through December 2010.
And in some areas at least the sand has already run out of the hour glass....
From the North County Times by Eric Wolff entitled: Exclusive: Major lender signals surge in local foreclosures
"Bank of America, the nation's largest mortgage lender, ramped up its foreclosure activity in March, sending hundreds of letters warning delinquent borrowers in the region that it could sell their homes at auction in as little as three weeks, according to North County Times analysis of data from ForeclosureRadar.
The bank said the increased activity was a natural consequence of borrowers running out of options.
Analysts and real estate agents said the moves by the Charlotte, N.C., banking giant, which controls a large share of the Southern California mortgage market, could signal a final reckoning for homeowners who have been protected by government programs for months or even years.
Last month, a Bank of America division called ReconTrust N.A. sent out a flurry of "notices of auction," which alert owners of the date their homes could be sold in foreclosure proceedings.
The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February, and to 391 owners in Southwest Riverside County, up 67 percent from February.
By comparison, in March 2009, ReconTrust sent a total of 31 such letters to both regions combined.
Richard Simon, a Bank of America spokesman, wrote in an e-mail that he couldn't speak to the sharp increase of notices in San Diego and Riverside counties, but that the bank has expected more foreclosure activity.
"We have reported recently that we anticipate a rise in foreclosure activity through the coming months as homeowners are unable to qualify for loan modifications, fall out of modification programs or go into delinquency due to the ongoing stress in the economy," he said."
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