B of A Parallel Foreclosure CONFESSION

Wednesday, December 30, 2009

Parallel Foreclosure, What Banks do ALL THE TIME yet most homeowners have never even heard of the term.

I just googled the phrase "parallel foreclosure" (with the quotes around the two words) and was shocked to see that there were only 1,270 total hits. On the first page of google, every hit was directly related to my posting about it either on my blogs or mentioning it on someone else's blog.
Considering that in 2009, 10,000 homes were foreclosed on every day in the United States, it makes sense to learn what parallel foreclosure is. Is it not scary that there are only 1,270 total google links for the phrase "parallel foreclosure"? If not for Sarah Buduson of KPHO-TV (CBS 5) Phoenix AZ, and google, I would not have learned about Parallel Foreclosures, either.
My goal is to see the practice of Parallel Foreclosures covered by 60 minutes, and sooner rather than later. I find it very disconcerting that public icons such as Oprah Winfrey and news outlets like 60 minutes seem afraid to take on the issue of parallel foreclosures.

To briefly recap what a parallel foreclosure is... The moment a homeowner either falls behind on their monthly payment or asks for a home loan modification, a separate division within that same bank might immediately start a foreclosure process on the home.

The problem is the bank may be working with the homeowner trying to do the home loan modification even as a separate division within the bank is processing the paperwork to foreclose on the home.

The person at the bank that is dealing with the home owner may not even know anybody from the parallel foreclosure banking division. This allows the banker in the bank to look the customer the eye and truly believe they are trying to help the customer even though the parallel foreclosure division located elsewhere may already be processing foreclosure paperwork on the home.

I am not saying this happens on each and every home, but it could be happening as fast as the banks can make it happen. This basically gives the banks the option to do whatever they feel like. They may modify the home mortgage loan, or they may foreclose, the choice is theirs unless the homeowner can catch up on the payments and all the penalties that usually have been tacked on.

In defense of the banks, there are homeowners out there that will try and milk what they know to be a hopeless situation as long as possible. The banks may have just decided to treat everybody the same. What is unfortunate is that the banks apparently don't notify the customer that a parallel foreclosure process is underway.



Monday, December 21, 2009

TheBurningPlatform.com » Economy » THE REAL WORLD - Bank of America cut credit line of a solid small business overnight and almost made it go under.

TheBurningPlatform.com » Economy » THE REAL WORLD  -  Sorry, the link is dead.


Please Click above to learn how Banks such as Bank of America not only practice Parallel foreclosures, but actually can harm small businesses to the point of putting them out of business by cutting their credit line overnight, which may then cause their employees to not be able to afford their house payments.

Monday, December 14, 2009

Tuesday, December 1, 2009

WELCOME to PARALLEL FORECLOSURE BLOG. The Blog that will Expose Unfair Home Loan Modification Banking Procedures.

If not for Sarah Buduson of KPHO CBS 5 Television quoting a Chase Bank representative, the term parallel foreclosure might still be one of those banking phrases used by the bankers while also being kept a secret from many homeowners who are seeking a home loan modification.

If I have my way, no less a media giant than 60 minutes will one day use the phrase "parallel foreclosure" on their show, and it won't be in a good way.

Follow this blog as you the readers share your experiences and I help expose the wrongness of parallel foreclosure tactics.

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