B of A Parallel Foreclosure CONFESSION

Thursday, October 14, 2010

Barack Obama has now backed two home foreclosure government programs that allow the banks to implement Parallel Foreclosure tactics!

Barack Obama must find himself in a tough situation. Obama has hired Wall Street Cronies to be in his white house inner circle, and I presume in return he has allowed these cronies to influence his thinking on matters that have placed the american homeowner in accelerated foreclosure jeopardy.

It appears the president believes that homeowners deserve a chance to keep their home through government backed programs such as HAMP (Home Affordable Mortgage Program), and a follow up funding program for unemployed homeowners called EHRF (it has also been called EHLP) What is proving to be unbelievably mafioso is that parallel foreclosure is being invoked by the banks whenever a homeowner attempts to access either of these two Barack Obama backed government programs.

Parallel Foreclosure involves the banks beginning the paperwork to foreclose on a homeowners home when a homeowner either falls behind on their payments, or when they apply for HAMP or the follow up program for unemployed homeowners. Once the parallel foreclosure process is started, it is not always easily stopped, as we have come to find out after reading about homeowners who seem to be dealing with two disjointed divisions within the same bank. Some homeowners have been left homeless by parallel foreclose actions.

Could you imagine having to bring collateral with you anytime you went into a retail store or to the doctors? You are being told you are eligible for a discount, but to get the discount, you must leave collateral. Now imagine that instead of directly asking you for collateral before you can get your customer discount, the other party simply snuck into your home and took a few items without you even knowing.

Now imagine that even though you have had items taken without your knowledge, the other entity is actually publicly pronouncing how they PLAN on helping you even as they have already taken items from your home without you knowing it.

That is pretty much how HAMP appears to be playing out. To get an allegedly better chance at being accepted into the HAMP program, the homeowner is supposed to be behind on their mortgage payments or they may have to wait an interminable amount of time before being vetted for the program. Yet, if the homeowner voluntarily gets behind on their payments, the parallel foreclosure process begins!
The unemployment version of the homeowners foreclosure prevention program comes right out and says, "YOU MUST BE THREE MONTHS BEHIND ON YOUR MORTGAGE" to become eligible for a 50,000 dollar interest free loan!
Barack Obama and his merry band of Wall Street cronies have created a home foreclosure prevention program that allows the banks to initiate parallel foreclosure on every home owner who applies for either HAMP or the unemployment version of HAMP, and I find this so outrageous that I just don't see how this type of deceit can go on without the threat of impeachment being discussed at some point.

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