Chase admits it practices parallel foreclosure

This is the first time I have seen Chase actually admit they instigate a parallel foreclosure whenever someone applies for a loan modification.  In the case of this great story from CBS 5 News in Arizona.  In this case, even though the homeowners had worked out a modification with Chase and made all required payments, Chase “accidentally” foreclosed anyways.


  • By Alessandro Machi, October 14, 2010 @ 3:18 pm

    You can learn more about parallel foreclosure at, which is where you got the graphic from.

  • By Alessandro Machi, December 20, 2010 @ 11:52 am

    I would like to add that parallel foreclosure seems like “bait and switch” to me, which has long been considered illegal by consumer agency and consumer advocates.

    I consider Sarah Buduson, the reporter who uncovered parallel foreclosure in the fall of 2009, a forgotten hero. She made her report, it was broadcast over Phoenix television, and then, forgotten by every reporter on the planet.

    I have spent over a year now trying to get the Phrase Parallel Foreclosure into the public and media mainstream because I believe it will make it easier to gather the possibly one million victims and climbing together for a class action lawsuit.

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