What happens to my bank account in foreclosure? - Foreclosure Defense Law Questions and Answers- LawQA.com

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What happens to my bank account in foreclosure?

My bank is with different bank. I am in loan modification and it's not working well. I have a date in court on November 4th. I want to know if the bank can take my money in account when judgement for summary and attorney fees and costs are set?

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If they have a judgment they can garnish your account.

Answer Applies to: Nevada
Replied: 8/30/2013

Answer By Bruce C. Janke

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If the bank gets a money judgment against you it can execute on any of your assets, including bank accounts.

Answer Applies to: California
Replied: 8/29/2013

Answer By Mark Hofgard
The Law Offices of Mark Wm. Hofgard, Esq.
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A foreclosure is an action to allow sale of collateral, which is the real estate. It is not a personal action, meaning that the foreclosure itself does not result in a money judgment. If the there is a deficiency after sale of the house, the creditor may sue you for the deficiency. The creditor may not garnish your bank account until it has a judgment in this lawsuit.

Answer Applies to: Colorado
Replied: 8/29/2013

Answer By Darren Aronow
The Law Office of Darren Aronow, PC
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No, the property is the collateral.

Answer Applies to: New York
Replied: 8/29/2013

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FORECLOSURE? Everyone is concerned about the prospects of foreclosure, BUT, Debt is no disgrace. Businesses and homeowners find themselves falling behind, in default, or ?under water?, as the real market value of their lifelong investments has plunged drastically, and unpredictably. How can they possibly ?catch up? or avoid foreclosure? There is relief - more than thirty (30) legal defenses can be made to oppose, delay and defend against banks and lenders? legal actions to foreclose. Sometimes, with proper defenses raised, Courts may even dismiss a foreclosure case ! But, delay is damaging. You must defend immediately upon the first notice received. Under the laws, you are entitled to have your Attorney demand mortgage loan mediation and modification. These may include reduction of the principal amounts owed, as well as reductions in the mortgage interest rate. Federal and State laws prescribe specific programs providing relief for debtors. Fears of ruining your credit or having to file bankruptcy should be the very last resort because there are many other legal remedies and rights to recovery and protection under Federal and State laws. Mortgage Relief in foreclosure is available, only if action is taken at once, to oppose actual foreclosure. YOUR PERSONAL BANK ACCOUNTS MAY BE PROTECTED FROM ATTACHMENT BY PROPER AND TIMELY FILING OF BANKRUPTCY OR OTHER DEBTOR PROTECTION AVAILABLE. CONTACT AN EXPERIENCED ATTORNEY ASAP TO ADVISE, ASSIST AND PROTECT YOUR ASSETS.

Answer Applies to: Ohio
Replied: 8/29/2013

Answer By Mark Cherry
Mark S Cherry, Attorney at Law, PC
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In new jersey a foreclosure does not result in a money judgment unless the bank files a separate deficiency action.

Answer Applies to: New Jersey
Replied: 8/29/2013

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