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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » If your home goes to foreclosure, can the bank place leans on your bank accounts?

If your home goes to foreclosure, can the bank place leans on your bank accounts?

If I give my house to the bank as foreclosure can the bank put leans on my personal bank accounts and automatically deduct their monies each month? I live in Florida.


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6 Responses to "If your home goes to foreclosure, can the bank place leans on your bank accounts?"

  1. Luke 6:37 says:
    No, they hold collateral (the home). They are not entitled to raid your bank account. However, if they auction it for a loss then they can come after you for the difference and get your wages garnished by court order. However if this is FHA then they already receive mortgage insurance to cover losses.
  2. loslunas87031 says:
    maybe.. you need to read your mortgage agreement on collateral, there may possibly be a clause of any monies on account with the bank. If you do not understand it get advice of a attorney to make sure that is your best option.
  3. MLaw says:
    If there is a deficiency the bank can seek a judgment against you for that amount. Judgment creditors’ liens apply only to physical property. They “levy” on bank accounts; meaning the court will order the bank to turn over ALL the $$ until the judgment is paid. Florida has certain exemptions on asset levies. You should see an attorney to protect yourself.
  4. wareagle30 says:
    if you live in florida there isnt much available in the form of post judgment executions.

    they cant attach your bank accounts for the foreclosure but if they file suit for the deficiency balance after wards and obtain judgment they can then issue a court order to attach your bank accounts

  5. foreclosurefish_com says:
    If you give the property back to the bank through a deed in lieu of foreclosure, like you seem to be talking about, the bank can not attach your bank accounts, garnish your wages, or do anything else.

    By accepting a deed in lieu of foreclosure, the bank accepts the property as payment in full of the loan. They take ownership of the property (deed) instead of (in lieu of) taking the property through the court process to sell it at a public auction (foreclosure).

    So, there is nothing else they can take after giving the deed in lieu.

    Hope that helps.

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