Can a bank freeze my checking account during a foreclosure?
Hi, I am two months behind in my
mortgage payments on a problematic
apt I own, and cannot pay for
anymore. I am expecting foreclosure
in the near future. I have a bank
account with an average of 2000 in it
for survival. Can the bank freeze this
bank account? I am worried about
this. I also have a joint account with
my father. Most of
the money in this account is his, im
just on the account in case
something happens to him. There is
a balance of about 15K in the joint
account, but again it is not mine nor
would I ever ask him for any of it.
I am worried the bank will try to
freeze the joint account also and it
will be devestating to both him and
me. I appreciate your help very
much. I had asked this question
previously but it was not answered.
Many thanks to you.
Re: Can a bank freeze my checking account during a foreclosure?
The bank won't freeze the checking account but will try to foreclose on the house and sell it at auction. If it doesn't get enough money at auction to cover its loan, it may then try to garnish or levy against your bank accounts.
Please let me know if you need any assistance on this matter.
