Is Bank of America afraid of the phrase "Parallel Foreclosure" landing in the public eye?

A short while back I wrote an article about how this blog, Parallel Foreclosure, came to be. In that article I mentioned that I was concerned that the banks might want to buy the domain name parallel foreclosure dot com and bury it. So I bought the domain name parallel foreclosure to make sure the banks did not.

I'll have to believe it was just coincidence, but just a few short weeks after I wrote that article and Bank of America is in the news because they are BUYING UP DOMAIN NAMES left and right. Bank of American is concerned that wikileaks and founder Julian Assange may release internal Bank of America documents that will make both Bank of America and BOA president Patrick Moynihan look bad.

So my instincts about buying the domain name parallel foreclosure (and a few variations) was right on. I will be real surprised if besides Bank of America, that Chase Bank comes out of the alleged impending bank leaks unscathed, I guess we'll find out in a few short weeks.

Amazingly, even though Phoenix, Arizona reporter Sarah Buduson exposed parallel foreclosure over a year ago, NOBODY from the media is calling the practice of parallel foreclosure, parallel foreclosure.

Buduson's broadcast report exposed Chase Bank's foreclosing on a homeowner who had already successfully completed a home loan modification. Buduson may have been the first to correctly coin the phrase "Parallel Foreclosure" in that report.

I've literally been put into the position where to effectively continue my lobbying efforts on behalf of possibly a MILLION homeowners who were victims of parallel foreclosure, I would not only need to find a generous advertiser, but one that would actually assist these one million homeowners in a parallel foreclosure class action lawsuit.

Anything less than a parallel foreclosure class action lawsuit would be a fail in my book.

This of course may lead to me being accused of just trying to make money. It's kind of amazing how the work I have already done on this blog in the past year, all for free, has not resulted in even ONE network news reporter using the phrase parallel foreclosure since Sarah Buduson first used the phrase Parallel Foreclosure in the fall of 2009.

Both Bank of America and Chase Bank have admitted to practicing parallel foreclosure, and it appears that the attorneys generals and some judges are now frowning on the practice of parallel foreclosure, even though nobody from the broadcast media using the phrase, parallel foreclosure. Gasp.

It is my assertion that if a too big to fail law firm started a parallel foreclosure class action lawsuit, and sent me daily news updates, we could begin to reach untold thousands of victims and give them hope that they might get some retribution for what they were put through by the banks.

I further believe that any homeowner who becomes part of a parallel foreclosure class action lawsuit and wins, SHOULD NOT sign away their rights to sue the banks on other grounds as well.

It is my opinion that a homeowner can be a victim of parallel foreclosure, while also being a victim of a predatory loan. Ironically, a predatory loan and or a subprime loan may have increased the chance of a parallel foreclosure and may have actually HASTENED parallel foreclosure into occurring!

Therefore it is my opinion that if a homeowner were to sign up for a parallel foreclosure class action lawsuit, they could still sue (if applicable) for being a victim of a predatory loan, robo signing, and a change in terms to their mortgage note without the homeowners expressed, written consent.

I am concerned that the attorneys generals from all 50 states may try to expedite a solution that disqualifies homeowners from being part of multiple foreclosure class action lawsuits.

In general I am actually not a fan of enrichment through litigation. But in the case of homeowners being ripped from their homes because of greedy banking practices that not only hurt american homeowners, but have also appeared to dictate political races as well, than I am for class action lawsuits to help stop these practices in the future.

Why Does the News Industry continue to ignore Television Reporter Sarah Buduson's ground breaking report about HAMP and Parallel Foreclosure?

Reporter Sarah Buduson explains Parallel Foreclosure, and she may have been the first reporter to do so in the fall of 2009.

(Edit Update: If you click on the video links provided in the story below to see the parallel foreclosure video news story by Sarah Buduson, there may be a few seconds of delay in which you simply see a blank rectangle screen.

This delay is apparently caused by the loading of a commercial that is played before the news story plays. After the commercial plays, nothing may happen, in which case you would need to hit the pause button to unpause the news story.)

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When I stumbled upon Television Reporter Sarah Buduson's story about Chase Bank and Parallel Foreclosure over a year ago, I just assumed that other reporters would pick up on the outrage of Parallel Foreclosure, and actually use the phrase Parallel Foreclosure when they did their own stories about...

...Parallel Foreclosure and its evil affects on homeowners struggling to refinance their home via taxpayer funded programs like HAMP or EHLP.

Amazingly enough, since Buduson's report aired on local television in the Phoenix area over a year ago, I doubt if even a handful of reporters have since used the phrase "Parallel Foreclosure" in any of their stories that are actually about, Parallel Foreclosure.

After I saw Reporter Buduson's report over a year ago, I felt personally outraged. But then I became concerned that the banks might purchase the web domain parallel foreclosure dot com and bury it, so I purchased the domain name and began doing stories about Parallel Foreclosure.

It's been difficult finding stories about Parallel Foreclosure that also actually use the phrase, Parallel Foreclosure, because our media seems to still not know the prhase, Parallel Foreclosure. The media keeps presenting stories about Parallel Foreclosure without ever calling it Parallel Foreclosure.

Banks can initiate Parallel Foreclosure when homeowners attempt to apply for a taxpayer funded program like HAMP or EHLP so they can reduce their monthly mortgage payment. The conundrum that presents itself is this, Banks service the most desperate homeowner mortgage modifications which usually involve homeowners who have missed or are behind on their mortgage payments. Unfortunately, getting to the front of the mortgage modification line by defaulting on one's payments can cause a parallel foreclosure action to be initiated by the bank. I believe Parallel Foreclosure may be a violation of the Federal Hobbs Act, the extortion clause.

To my surprise, News Reporters simply use phrases like dual track, simultaneous foreclosure, wrongly foreclosed, or unfairly foreclosed, instead of the phrase used by the bankers themselves, Parallel Foreclosure. None of the other pseudo Parallel Foreclosure phrases actually create a common bond among the possibly over a million homeowners who have already been victimized by Parallel Foreclosure, the way the phrase Parallel Foreclosure, does.

While I am not a fan of empowerment through victimization, in the case of Parallel Foreclosure, I AM in favor of empowerment through victimization when it involves taxpayer funds being used for programs like HAMP or EHLP to lure homeowners into the accelerated loss of their own homes; especially when parallel foreclosure actions commence against homeowners desperate for a home mortgage modification.

I now believe that hundreds of thousands, and perhaps millions of homeowners have already been victimized by HAMP and Parallel Foreclosure practices instituted by the banks. If reporters continue to ignore the phrase Parallel Foreclosure, it does not allow for a coalescing of all the Parallel Foreclosure victims out there in a manner in which they can more easily align together and fight back.

However, if I could successfully get Sarah Buduson's (also part of the media) story about Parallel Foreclosure into the mainstream media (how ironic is that!), I could possibly personally benefit as well as this site would explode in visibility.

So, what started out as a heartfelt conviction that HAMP and Parallel Foreclosure was and is wrong, has now become a blogsite at a crossroads where I will have to try and make Parallel Foreclosure more well known so that more homeowners will step up and fight back and maybe become part of a huge parallel foreclosure class action lawsuit. To accomplish this goal, I will need an advertising sponsor because as it now stands, I have already donated several hundred hours to this Parallel Foreclosure blog site and Swarm the Banks blog site as well.

Is there a law firm big enough out there to see the wisdom of publicizing the phrase Parallel Foreclosure for the purpose of assembling as many homeowners together as possible for a class action lawsuit? If, so, you should purchase the ONE advertising spot I am providing near the top of this blog.

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Since I saw the top of the democratic party topple Hillary Clinton in 2008, I've written over 1,500 blog articles on approximately a dozen different blogs covering the fraud at the top of the democratic party, the disgusting actions of Chase Bank, the home foreclosure crisis, and on a more fun note, analysis and reviews of commercials and television production as well.

Parallel Foreclosure dot com, my consulting blog, AlexLOGIC BLOG, and my newest venture, MyAlexLOGIC blog are the three blogs that I am using to generate income. In order of importance, MyAlexLOGIC blog (still a work in progress) will be my first priority because it will allow me to actually interact with people interested in learning from my over 25 years experience in film and video production and editing via one on one studio classes that I will soon be offering in my Los Angeles area studio.

However, should a law firm step up and buy the ad space at the top of Parallel Foreclosure, I would devote more time to getting the word out about HAMP and Parallel Foreclosure above and beyond what I am already doing.

In the meantime, the media could do more to publicize the term Parallel Foreclosure and how it has afflicted over a million homeowners who were lured into applying for HAMP, by calling certain "wrongfully foreclosed" articles by the correct phrase, Parallel Foreclosure.

If news reporters won't even tribute and credit when their own brothers and sisters in television reporting (Sarah Buduson) break a huge story, then we are all in trouble.

Where Does the Term Parallel Foreclosure come from? From Chase Bank as quoted by Sarah Buduson of KPHO CBS 5.

Somebody who claims to be a loan agent accused me of making up the term "parallel foreclosure". I did not make the term up, and find it sad that so few people seem to even be aware of either the term parallel foreclosure, or the practice of parallel foreclosure.

As you can clearly see in the image provided above, KPHO CBS - Channel 5 anchor person and reporter Sarah Buduson identifies the term parallel foreclosure in this news story from around Nov. 12, 2009 and credits the term to a Chase Bank representative, Mary Jane Rogers.

Click here to see my original story about Parallel Foreclosure which also includes a link to the Sarah Buduson news video clip about parallel foreclosure.

Edit update. The link above goes to an article I wrote over a year ago and I can't believe how long winded and "can't we all just get along" I was. It embarrasses me to read it now. If you want a better update on the history of parallel foreclosure (is that an oxymoron?), click here.

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.

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The 4% instant interest rate adjustment for ALL homeowners with no need for all the paperwork.

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.