If i am unable to pay my 1st and 2nd mortgage, can the bank freeze my checking/savings accounts?
I received my 2nd mortgage through the bank that i have my checking account with.
I am in Florida.
By
Sheri
Posted on
02/01/09 Total Answers
2
Answers-
The laws vary from state to state about collateralizing your loans.
The most important thing you can do is to keep talking to them and negotiate. Just keep talking to them. The lenders do not like to foreclose because they already have a very large real estate portfolio and IF they can actually sell the house, they don't usually get the loan paid off in full, so they lose lots of money.
Also, there may be help for you in the Hope for Homeowner's program.
http://www.hud.gov/foreclosure/index.cfm
Good luck!
Answer by :
Mommyof2 On Date
2009-02-01 06:34:59
No, they can't 'freeze' your account. However, the contract for both you checking account and the 2nd mortgage allow them to SEIZE any account with the same bank. Freezing the account means the money is there, but you can't access it. Seizing it means the money is GONE.
