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I am facing foreclosure and I bought the house 5 years ago with 10% down, 80% 1 Loan 2 Loan and remains on (line of credit) paid. They were all 100% of it used for the purchase of your home. Although I once took $ 500 as the second loan, but only after I have so many loans or mehr.Beide is the same bank, Countrywide, now BOA.Ich ask me what is the process, … But more worrying is that I use as my primary control BOA and I about $ 3000 and $ 1000 here in another bank for haben.Können my money in their bank account? I have a lot, I think they are supported, of course, but I am concerned about the situation if caught werden.Jede advice and assistance in legal proceedings hilfreich.By way, I’m in California and all others with this problem 🙂 While we’re on the subject, if they take my money, they can take it without notice? or the courts will go after my money, and what do you recommend now?

3 Thoughts on Foreclosure and bank balances?
  1. Reply
    My Take on It
    January 29, 2013 at 6:35 am

    Yes, I have read about people who have either their credit card, auto loan, line of credit or mortgage with the bank they have a savings/checking account with and the bank going in and taking the money to cover the payments.

    I would get a different account if I were you.

  2. Reply
    January 29, 2013 at 7:00 am

    Your second loan is full recourse, and yes, they can seize any assets they can find. It doesn’t matter in the slightest which bank the money is in, they can seize it anywhere. They can also seize tax returns and garnish 25% of your gross pay.

  3. Reply
    January 29, 2013 at 7:47 am

    NO!!! Not in California.
    The court overseeing the foreclosure process may enter a deficiency judgment against the mortgagor. Deficiency judgments can be used to place a lien on the borrower’s other property that obligates the mortgagor to repay the difference. It gives lender a legal right to collect the remainder of debt out of mortgagor’s other assets (if any).

    There are exceptions to this rule, however. If the mortgage is a non-recourse debt (which is often the case with owner-occupied residential mortgages in the U.S.), lender may not go after borrower’s assets to recoup his losses. Lender’s ability to pursue deficiency judgment may be restricted by state laws. In California and some other states, original mortgages (the ones taken out at the time of purchase) are typically non-recourse loans; however, refinanced loans and home equity lines of credit aren’t.

    If the lender chooses not to pursue deficiency judgment—or can’t because the mortgage is non-recourse—and writes off the loss, the borrower may have to pay income taxes on the unrepaid amount if it can be considered “forgiven debt.” However, recent changes in tax laws may change the way these amounts are reported

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