A Class Action lawsuit has been filed that basically asserts the practice of Parallel Foreclosure is wrong. Ironically, the class action lawsuit is not using the term "Parallel Foreclosure" even though Chase Banks and Bank of America have admitted to Parallel Foreclosure practices.
Homeowners who are trying to apply for a HAMP are subjected to parallel foreclosure BEFORE they can even apply for HAMP. It appears that many many many homeowners are falsely told they are completing HAMP successfully when suddenly their home is foreclosed upon, that is one definition of parallel foreclosure.
The importance of rallying around the term "Parallel Foreclosure" stems from the need to be able to mass identify homeowners, who now may number around one million, who were victimized by the practice of parallel foreclosure.
Additionally, there are other foreclosure misdeeds, including robo signing, predatory loan making, securitization fraud, change in terms fraud, Mers Fraud, that need to stay separate from Parallel Foreclosure lawsuits.Yes, homeowners could have been defrauded in more than one way! So using a term like "foreclosure lawsuit" may be too vague if the actual action that is being contested is "Parallel Foreclosure".
