B of A Parallel Foreclosure CONFESSION

Sunday, October 17, 2010

Modifying mortgage terms not so simple, Reports the Los Angeles Daily News back on Dec. 7, 2009.



Because the term Parallel Foreclosure was almost completely unknown back then, it is important to realize that the disconnect between homeowners getting into HAMP before their homes were foreclosed on was almost impossible because the banksters were practicing PARALLEL FORECLOSURE! As the sub headline states, "Process is too slow to save homeowners from losing their houses."

It is fascinating to go back in time and find these articles and realize that the key word, Parallel Foreclosure, was not used even though what the article describes is parallel foreclosure in action. When Did Barack Obama know about Parallel Foreclosure and why, over 10 months after the above article ran, has parallel foreclosure been allowed to go on?

Parallel Foreclosure basically ensured that MOST of the HAMP applicants would not get their mortgage modified, but would face a HIGHER CHANCE OF LOSING THEIR HOME even as the government, and Barack Obama, teased them with HAMP.

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