IT WAS ONLY WHEN SARAH BUDUSON OF KPHO CBS 5 TELEVISION GOT INVOLVED THAT CHASE BANK ADMITTED IT WAS IN THE WRONG. WOW!
Sarah Buduson of KPHO CBS 5 broke the above story and I think it is a bombshell. Chase Bank has admitted that costly Parallel Foreclosure Steps were being sumultaneously taken even as Chase Bank was also negotiating with the home owner over a home loan remodification.
That is like Hitler negotiating with Europe about ending World War II even as Hitler's tanks are moving onto the next country for an already scheduled invasion.
It is important to note that Chase Bank apologized for what sounds like illegal behavior, but only because the news media outed them! Parallel foreclosure steps is fancy pants speak that Chase Bank is above the law and can proceed with a foreclosure even before loan modification negotiations have been concluded. This is just plain nuts, and it is wrong as well.
I thought that good faith negotiating meant that while both sides are actively renegotiating a loan modification, no additional aggressive action could or should be taken by Chase Bank.
News Flash to Chase Bank, evicting someone from their home while you are still actively negotiating with the customer, and the customer is actively complying, is BAD FAITH NEGOTIATING.
I thought our judicial system would be wise enough to ask ONE SIMPLE QUESTION whenever Chase Bank files foreclosure paperwork...
"...Have you finished your negotiations with the homeowner without a resolution being reached?"Now if Chase Bank says, "No your honor, we have not finished negotiating with the home owner"...
Then the judge responds by saying...
"Then we can't very well foreclose on the homeowner if you are still negotiating with them, can we?"
At which point, the homeowner can continue negotiating in good faith with the bank. If Chase bank chooses to not modify a loan, it seems to me the homeowner should still be in the courtroom so the judge can find out if Chase Bank had negotiated in good faith.
There is something very scammy going on, why are judges arbitrarily signing off on parallel foreclosure papers on citizens who are still in negotiations with Chase Bank? It appears to me that any judge that would allow a bank to parallel foreclose on a home while the homeowner is still actively negotiating a home remodication loan is either stupid, corrupt, or just isn't paying close enough attention.
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