someone just lets a property revert back to the back and gives up can they freeze checking or savings account used to pay bills and expenses

Asked by Donna Bennis, Coral Springs, FL Fri Sep 28, 2012

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Bob Movin-On’s answer
Bob Movin-On, , Hartford, CT
Sat Sep 29, 2012
Seizing someones assets, which checking and savings accounts are, requires a legal proceeding that would need to go through the court, therefore you will know when and if they are going to go after your assets when the Sharif comes to deliver the court documents.

Good Luck,
Bob Patrick
Buy a home after foreclousre expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months
http://www.MortgageTrainingProgram.com
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Ron Thomas, Agent, Fresno, CA
Fri Sep 28, 2012
No one has the right or the abilty to just "freeze" your bank accounts:

If you lose your house through a Foreclosure, and you live in a State that allows Deficiency Judgements, (such as you do), there is a complicated process that the Bank has to go through.

If you fear such and action; you should prbably talk to a Real Estate Attorney.

Good luck and may God bless
0 votes
Annette Law…, Agent, Palm Harbor, FL
Fri Sep 28, 2012
That sounds like it could be a legal question and should be responded to by an attorney.
I am not an attorney and nothing that follow should be regarded as legal advise.

You will need to read all that fine print on the account documents the bank provided. You most like should read the fine print on their website. Print the page if you find they can not touch your other accounts. Of course, all such TOU documents have the "subject to change without notice' gigantic escape hole for them.

In many (most) cases the bank reserves the right to seize the assets in one account to pay a delinquency of another account within the same company. Banks do not share a reciprocity agreement AT THIS TIME.

It is highly likely, if your mortgage was from a big box bailed out bank, they no longer own the mortgage. In that situation, the investor, who owns the mortgage does not have the same access to your other assets. They will have to seize them through the courts. Read the fine print. Banks are sneaky critters and seem to feel they can do what they please with impunity. You make want to have a chat with an attorney.

You are correct in realizing the banks ability to make off with your other assets, the assets you use to buy fuel and bread, makes the situation WORSE for the consumer.

Give great thought when you consider all those bundles and benefits. These banks are not benevolent critters offering you all this convenient stuff. It a tether to your STUFF! Borrow from one. save and pay your bills from another.

Same with your insurance. Best to use an insurance company that does both home and auto, but don't let one company do both. Yes, I know, the presumed savings are tempting. If State Farm can not insure your home. don't give them your auto business.

You'll thank me when you find yourself in a real bind. Well actually, you will have options and the bind will never occur therefore thanks will be unnecessary. So, I'll say, "You're welcome," now.

Donna, don't let your home go into foreclosure as you slip silently into the darkness. That is the worst possible choice.
Call me if you need help.

Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727.420.4041
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