If My House is in Foreclosure, Can the Lender Take Money from My Bank Account?
Video Summary
If my home is in foreclosure, can the bank take money from my bank account?
Well, the bank cannot, unless you bank with the same lending institution where you have your mortgage. So if you have a bank account with Bank of America, and you also have your mortgage or line of credit with Bank of America and you go in default, they may exercise the right of offset to take money out of your account.
If, however, you have your mortgage with Bank of America, and you have your bank account with any other financial institution, Bank of America has no right to attach any of your assets or your bank account whenever you go into foreclosure.
A foreclosure action is one wherein the lender is taking back their collateral, which is called a foreclosure. They are not suing for a money judgment.
In order for them to obtain a money judgment, they must file a supplemental proceeding after the foreclosure action. That’s called a “deficiency judgment action.” And then, if they do obtain a deficiency judgment, they’re then in position to garnish your bank account, or take your bank account or any other assets other than your home or other assets that you may own as husband and wife.
So the answer to the question is: No, the bank cannot take your money or your assets just because they file a mortgage foreclosure action unless you’re banking with them and they may have some right of offset.
If you’d like to talk to me or set up an appointment to discuss foreclosure action, please call me at (727) 847-2288, and I look forward to seeing you.
- Published in Real Estate - Foreclosure, Videos
Thomas Mitchell — What Are Some Highlights of Your Career?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell, and I’m here today to talk to you about some of the highlights of my career.
I’ve had a pretty varied career. I was an attorney in the Navy for twenty years. I graduated from the Naval Academy. I have had the opportunity to do two or three landings and takeoffs on aircraft carriers, which was pretty interesting. I’ve had the opportunity to spend a year in Guantanamo Bay as the head of the legal office down there. I’ve had the opportunity to defend a fellow that murdered two people with a claw hammer, beating their heads in. That was pretty interesting.
So I’ve had a pretty varied career, but I’m now doing primarily probate and guardianship work, and sometimes that isn’t as exciting as the Navy career. (But they still don’t have JAGS that look like the ones on TV.)
Thomas Mitchell — What Areas of Law Do You Practice?
Video Summary
I’m Tom Mitchell, one of the partners at Waller & Mitchell, and I’m here to talk to you today about my areas of law practice. I do practice in the areas of wills and trusts. That is drafting the estate planning documents, wills and trusts, Power of Attorney, healthcare service and the like.
I also do a lot of guardianship work. I do elder law work, which is helping families plan for the incapacitation of a senior member. And I also have a background in tax, so I do all the tax work here in the office. So if you have a chance, stop by or give us a call at (727) 847-2288.
Thank you.
Thomas Mitchell — What Legal Training Do You Have?
Video Summary
Hi, I’m Tom Mitchell, one of the partners at Waller & Mitchell. I’m here today to tell you about my legal background, specifically where I got my education.
I went to undergraduate at the United States Naval Academy and after graduation I spent a couple of years in the fleet driving ships around. But during that time the Navy decided they wanted to send me back to law school, so I went back to law school at Ohio State. I graduated from there and became a Navy JAG for the next fifteen-odd years. And then just before I was ready to retire, I went back to law school at William & Mary in Williamsburg, Virginia. This time on the GI bill, where I got a Masters in Taxation.
So that’s how I came to be where I am today. Thank you.
Thomas Mitchell — What Made You Want to Be a Lawyer?
Video Summary
I’m Tom Mitchell. I’m with the partners of Waller & Mitchell, and I’m here to talk to you today about why I wanted to become a lawyer.
I was born into a family of lawyers. My dad was a lawyer, and eventually became a judge, and so I was hanging around lawyers and courtrooms pretty much my entire life. And I like helping people, and that’s what I get to do as an attorney. I get to help people try and have positive outcomes from their problems.
Visit us at Waller & Mitchell. Thank you.