The Dual Track process was identified by News Reporter Sarah Buduson over a year ago as Parallel Foreclosure.

There are probably close to a million homeowners who have been victimized by parallel foreclosure and I don’t understand why the media refuses to use the term parallel foreclosure.

I bought the domain name parallel foreclosure out of fear that the banks would buy it and bury it.  It seems like my buying it, and reporting about parallel foreclosure for the past year, has turned out to be just as good of a burial.

amazing.

Parallel Foreclosure-Personally I feel you did a good thing. Any way whatsoever this issue can be kept in the news. I thank you for a “heads up ” move!!!!

parale foreclosure: Still let me commend you for opening the website you deserve gratitude anyway
Here is av ery important fact about the HAMP and every borrower that is in the dual system should tell the lender again and again and again and in writing:

Under the Suspension of foreclosure SalesProgram:
“Lender may not complete foreclosure sale: While determining the borrower’s eligibility and qualification for HAMP”

Why isn’t Obama asked about this? Why is there no accountability? Why isn’t Phyllis Caldwell grilled on this topic, which she blithely dismissed?
The taxpayer owns Fan & Fred, seeing as they are recipients of the biggest slice of unpaid TARP money. Yet they proceed this way?
Why?

You all are asking the right questions. Instinctively I knew that you can’t invite someone into a taxpayer funded program and then shake them down with a parallel foreclosure BEFORE they can even APPLY for the HAMP program!

In my opinion the government is actually on dangerous grounds in regards to Parallel Foreclosure. Any connection between the banks, mortgage services, wall street, and the parallel foreclosing of homes in my opinion is a Hobbs Act Violation by government officials, the extortion clause.

Barack Obama, Caldwell and HUD are using a poker face on this one, a bluff. The rationalization that people applying for HAMP would probably ending up defaulting anyways, therefore parallel foreclosure is acceptable, is a presumptuous argument for the Barack Obama administration to be making, it is just justifying the trickery against homeowners who WERE NOT WARNED about parallel foreclosure before they could even apply for HAMP.

The reason the government may be getting away with Hobbs Acts Violations is because republican politicians never met a bankster they did not like. So you have a democrat doing something that requires bankster loving republicans to press charges.

Our only hope may be the attorneys generals of all fifty states, and yet they could short circuit the entire issue by making it be only about robo signing when parallel foreclosure is an ENTIRELY DIFFERENT matter, as is securitization, as is automatic insurance coverage at ten times the cost, as is CHANGING TERMS ON EXISTING HOMEOWNER’S RIGHTS via securitization, without the homeowners approval!

In my opinion if the media does not step up and use the label “parallel foreclosure”, as identified by REPORTER Sarah Buduson from the Phoenix area over a year ago, homeowners will be slower and fewer to unite into class action lawsuits.

the whole banking system is wrought with fraud,and this fraud is done with the blessing of a lot of politicians who are more concerned about their pocket book than the american people,now the banks who give thousands of dollars to thse so called politicians are now going to congress to get the fraud perpertrated by the banks with the mers program and the robo signers,tossed out and the people will not be repreented beacuse the banks want to foreclose on the property so they can statr the whole fraud process again and sell the house all over agian with the same kind of fraud-and they get away with it-just pay some more money to a politician

Parllel Foreclosure and Paul you are both 100% right !

Thanks for conducting this survey, but this article just scratches the surface of what can likely be done with these data. I’m pleased that you are making the data available to others; I look forward to seeing what I can decipher from them.

Paul, you may be right, but by repeating your defeatist sentiment here, whose side are you helping? I’m not trying to pick on you, just point out that no matter how big the enemy is, it may be better to align forces against the enemy, then talk about how big and strong the enemy is.

Parallel Foreclosure, I’m all for that ! but how can I help to align forces? I’m all ears

admodspecialists, keep in touch on my parallelforeclosure blog.  And don’t forget swarmthebanks blog tracks several dozen foreclosure blogs, including Propublica, and provides a link to the actual story.

Parallel:

The banks and the government are not just inviting homeowners into a taxpayer funded program and then shaking them down with a parallel foreclosure. 

Even the “invite” is done with a fraudulent qualification tool on the government’s makinghomeaffordable.gov web site, and the banks’ web sites. For example those tools never ask if if you have equity in your home, hiding the fact the the FDIC HAMP guidelines specifically mandate that those with siginificant equity are excluded.

Those FDIC guidelines, which weren’t even public for quite some time, state, on page 3, in perhaps a bit cryptic language, that the program

“mandates that the cost of the modification must be less than the estimated foreclosure loss.”

http://www.fdic.gov/consumers/loans/loanmod/FDICLoanMod.pdf

Homeowners who have significant equity are lured into a program for which they will, in the end, be categorically denied.  After making all their trial payments, ruining their credit, incurring unexpected penalties and fees, and finally realizing they have been defrauded,  it is almost impossible to catch up because the costs to do so, have now mushroomed to a number that is vaslty larger than the amount of thier mortgage arrears.

The fraud that has been perpetrated on the America public will, in time, come fully to light, and it will be openly regarded as one of the worst episodes in our history.

In the meantime all of America’s struggling homeowners are SCREWED!

Why is it I’ve never heard any reporter from the Washington Pres Corps ask Gibbs or even the President why foreclosures are still at horrifying levels?

How come the mainstream press is not holding the Administration and Congress accountable for letting the banks run wild?

The daily press briefings are an effing joke and it all seems staged.

JS, I am in home equity heck myself.  Home paid off, a 33% equity line taken out, (and that’s after the 40% drop in value, the actual equity line was originally for less than 20% value of the paid off home) but I’m still converting the business that I do to one I can do from home and take care of my elderly mother at the same time.

I qualify for NOTHING.  It’s like I’m scum for actually having SIGNIFICANT equity in the home I live in while tooling up for a new job that I can do from home so I can take caretake for mom.

So, I’ll probably be defaulting on bills in the next month or two even though just a tiny lift in my home equity line would tie me over perfectly until my business gets going, and the banks would be in no danger of losing whatever equity is used because the home is worth much more and I will have an income shortly anyways.

By the time I qualify for any kind of a loan, I WON’T NEED THEIR LOAN because my income will be enough that I won’t need the banks.

My theory is the banks have been turned into financial suction tornados taking down anything in their path to try and cover over the OVERSECURITIZATION they engaged in the past several years.

If your home or my home was resecuritized at 5 times its highest ever value, by the banks, do you think the banks are going to want to save us, or would they rather bury us so the proof of their fraud disappears as they take possession of the homes they committed securitization fraud upon.

Heck, the banksters bonuses this year, inflated by years of built up business fraud, would actually be enough money to help millions of homeowners make it through.

There is a reason why the corrupt higher up democratic politicians went with Barack Obama over a more popular Hillary Clinton, and one just has to look at how the home foreclosure mess has been handled to see why Barack Obama curried more favor with Wall Street and the banksters than Hillary Clinton.

You know what is good for healthcare? Not being foreclosed upon unnecessarily. Barack Obama may have frittered away a year and a half on a healthcare plan that may end up disqualified by judges, while ignoring the home foreclosure crisis.

IN 2008 Hillary Clinton had advocated a 90 day foreclosure moratorium so the mess could be figured out early on. That would have gotten the banking industry’s attention early on.

SWARMtheBANKS
ParallelFORECLOSURE

Parallel:

You hit the nail on the head with your suggestion that

“the banks have been turned into financial suction tornados taking down anything in their path to try and cover over the OVERSECURITIZATION they engaged in the past several years.”

It will be interesting (and depressing) to see just how long they can get away with this.  I would think it would eventually reach a breaking point where the government is forced to act… but then again it seems to me that that point was reached long ago… and here we are , with so many others still in American Homeowner’s Hell.

This HAMP charade is why I’ve started to listen to the “crazy paranoids” out there. After 1 1/2 YEARS of this BS, it goes on despite all attempts on the part of everyone (except the banks and 1/2 of Congress). E-mails to Saint Obama (for whom I voted!??!) go unanswered despite my pushing the “please reply” button. Two sets of foreclosure notices, phone calls every couple of weeks - I wish we had a President who had some——- and would bully - YES, BULLY! - these so-and-sos into actually helping someone for a change. Oh, but then there’s the Supreme Court, which jumps every time the US Chamber of Commerce speaks. Any answers out there?

Wrongful foreclosure suits can be a great tool to jam up the banks.  File a lis pendens after filing suit (if your state law allows) and this will cloud the title on the property. At this point the bank has a worthless piece of paper until litigation is final.  In state court this can be 2-3 years.  At $400/hr per defense attorney the bank usually gives in.  Unfortunately there are too many “do it yourself” homeowners getting killed in the process.  Success and attention is in numbers!!  “I Don’t BEG, I NEGOTIATE”...

Rick