I am a 69 yr old state of ohio retiree. My home foreclosed, also a timeshare that I had to let go. I could no longer afford to pay the mortgages on either . My retirement check is auto. deposited into my checking account monthly.
Steve, I would like to know if the mortgage companies can put a hold on my bank account? I am afraid to leave any money in my account and afraid that they will hold my money and I want have any money to live on from month to month.
As long as your checking account is not at the same bank as the mortgage was, the foreclosing lender would have to sue you and ask the court for permission to reach into your account. You’d be aware of these actions.
But I think the lenders are probably going to come after you for balances owed from the surrender of the properties. When they do, you’ll probably want to take a good look at bankruptcy to end the claims. Once you do that, they will not be able to go after you or your bank accounts any further for these foreclosed property claims.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.