B of A Parallel Foreclosure CONFESSION

Wednesday, October 19, 2011

Why Parallel Foreclosures Exist.

Sometimes when researching foreclosures, banks, and their strange behavior, we can get caught in the trap of of going AHA!, banks stink because they do X, Y and Z against their customers.


What if we could further condense the AHA's into one bold, streamlined sentence? Would simplifying and condensing the message make it easier to fight back against the banks? I think so.


The reason parallel foreclosures exist is because banks first require a default before they will restructure a debt. Since a default is required before any change can occur to an existing financial agreement, the banks may actually believe they are doing us a favor when they perform a parallel foreclosure on your home.


Gasp.


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