FDIC creates 500 well paying jobs in Illinois processing bank failures!

See, the economy IS CREATING JOBS! Click here to learn about the 500 jobs the FDIC is creating in Illinois to help process all the bank closings.

Instructional Video about Home Foreclosures from Thing Big Work Small.

Click here to see Video.

One aspect that is not being covered by this video is what about the original total value of the loan. While the banks that are buying existing home loans might be making money by foreclosing on a home, someone did lose money before these loans were taken over, no?

However, this video still makes important points about the banks who take over bad loans having more motivation to foreclose on a home than modifying a loan, and if true, is completely unacceptable.

Did Bank of America foreclose on the wrong house?

Check out this story about Bank of America possibly foreclosing on a homeowners house who had purchased the house with cash, click here.

There is an additional link at the link provided above that takes you to the original story along with plenty of comments.

The Problem With America's Debt - Glenn Beck - FOXNews.com - Glenn Beck thinks debt with Chase Bank is "better" than debt with China. Gasp.

The Problem With America's Debt - Glenn Beck - FOXNews.com

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Glenn Beck does not understand the real damage that consumer debt is creating. He thinks we would be "better off" owing Chase Bank rather than China. This is just nuts. We would be better off incentivizing the consumer credit card debt by removing the interest rate charges for any consumer who is committed to PAYING DOWN THEIR CREDIT CARD DEBT.

Everybody wins, even the Chinese. But Glenn Beck falls short with his analysis. The alleged tea bagger could not bring himself to admit that national banks have destroyed local economies.

I will give some credit to Glenn Beck for spotlighting that the Barack Obama is holding on to part of the stimulus money so that the democrats can use it just before the next set of elections this fall to seed Wall Street and possibly electrify regions of the country with stimulus money.

But Glenn Beck loses the credit, and then some, when he has the gall to say consumers would be better off owing Chase Bank rather than China.

Rolling Stone reveals how Barack Obama deviated from his campaign promises when it came to actually following through on them.

The Rolling Stones article by Matt Taibbi reveals the shift that occurred from Barack Obama's campaign message versus what he actually did after becoming president. Barack's team changed after the election to a Harvard / Wall Street connection and they had not done so well on wall street in the recent past.

Ironically, the one area where Barack Obama did not listen to his Harvard Wall Street money group was when it came to balancing the budget, or even coming close, Barack Obama chose not to pursue balancing the budget.

Click here to read Matt Taibbi's article in Rolling Stone

My take on the article is it is about Barack Obama giving everybody what they want, and then something happens. In the meantime, 10,000 homeowners are foreclosed upon in the United States each day.

The Street Gets it Wrong when it Blames Consumers for not Reducing their own Consumer Debt, Gasp.

I found a story identifying the reduced consumer debt as having to do with credit card write downs and not a change in consumer spending habits. I found the ending of the article offensive as it blames the american consumer for not doing more to pay down their debts.

This is an idiotic conclusion, and one that cow tows to the wall street banking banksters that have put their resources in scandaulous derivative schemes, bankster bonuses, seeding wall street, and international investments, NONE of which helps americans reseed their local economies.

The american people have been robbed of the ability to reduce debt because of existing ultra high credit card interest rates that is starving the rebirth of local commerce. To blame Main Street for the chicanery of Wall Street is just another slap in the face from the banksters as the line up for their billions in bonuses.

You can read the story and the scandalous final sentence on page three of The Street article by clicking on this sentence. If you don't move your money to a local community bank or credit union, who will?

Joel Grover of KNBC-4 Reports that GMAC actually Foreclosed on home even though GMAC knew it had already been sold!

Every time a home in your neighborhood is foreclosed upon, the appraisal value of your home drops 1 percent!

Click here to read KNBC 4 Joel Grover's report on how far GMAC went to to override the sale of a person's home (Mark Kohn) and foreclose on the home seller even though the home had already been sold almost a month earlier!

Parallel Foreclosure strikes again.

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.

The Case for Ending Interest Rate Charges on existing credit card debt and home mortgages.

It is Time to simplify income taxes.

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

TheBurningPlatform.com » Economy » THE REAL WORLD - Bank of America cut credit line of a solid small business overnight and almost made it go under.

TheBurningPlatform.com » Economy » THE REAL WORLD  -  Sorry, the link is dead.


Please Click above to learn how Banks such as Bank of America not only practice Parallel foreclosures, but actually can harm small businesses to the point of putting them out of business by cutting their credit line overnight, which may then cause their employees to not be able to afford their house payments.

Please Download the Chase Bank Protest Flyer for FREE, and then all that needs to be done is just give a few copies out, it is really that simple.

Twas the Night before Bonusmas, and all through the House...

Twas the Night before Bonusmas, and all through the House...Click here to see this provacative Mark Fiore Political Animation Cartoon Video about Bankers Bonuses.

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Chase Bank December 14, 2009 Photo of Protest in New York City

I just came across this photo of the protest in New York City.

You can see 13 photos of the December 14, 2009 Protest by clicking here.

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.