Even as Chase Bank is allegedly re-negotiating the homeowner's mortgage loan, another Chase Bank division is busy filing foreclosures papers on the homeowners home!
If a homeowner has experienced a significant depreciation in the value of their home in the past couple of years, the affected homeowner should AUTOMATICALLY be eligible for a home loan modification without it triggering a parallel foreclosure by banks such as Chase Bank.
If the bank agrees that the home has devalued significantly, then the homeowner benefits by getting a super nice interest rate on their home loan in exchange for the loss of home equity. The homeowner and the banks are protected no matter which route is taken!
Home Depreciation Loan Modifications become a win win for EVERYBODY! Lower banking costs are required to process the Home Depreciation Loan Modification, and surreptitious behavior by the banks involving parallel foreclosures can be greatly mitigated.
Article update - (Thursday, Nov. 26, 2009) Parallel Foreclosures can eventually lead to law enforcement being used to forcibly move people out of their homes even without a judge having ever been involved!
Banks using Police Officers with guns without a judge to make sure everything has been handled fairly and ethically, we can do better than that, no ???