Posted on: 12th Apr, 2010 09:36 pm
Hi,
I am in California.
I am behind on my mortgage payments as my income is reduced. Now I am not in a position to keep the house.
My wife is on the title of the house but not on the mortgage. Can the mortgage bank take any savings in my wife's account, if my house is foreclosed upon?
Can they take any savings in my account?
Please advice.
Thanks in advance!
I am in California.
I am behind on my mortgage payments as my income is reduced. Now I am not in a position to keep the house.
My wife is on the title of the house but not on the mortgage. Can the mortgage bank take any savings in my wife's account, if my house is foreclosed upon?
Can they take any savings in my account?
Please advice.
Thanks in advance!
Hi ak!
Welcome to forums!
As your wife's name is not mentioned on the mortgage docs, the lender will not be able to come after her to recover the deficient balance amount. Thus, her savings account will not be garnished. However, the lender will be able to garnish your savings account
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your wife's name is not mentioned on the mortgage docs, the lender will not be able to come after her to recover the deficient balance amount. Thus, her savings account will not be garnished. However, the lender will be able to garnish your savings account
Feel free to ask if you've further queries.
Sussane