Posted on: 24th Jul, 2009 09:23 am
How much of a possibility is there that the bank, following a foreclosure, could garnish or seize liquid assets, such as bank accounts? Would they have to receive a judgement in order to access those accounts and would they only have access to personal accounts, or also to small business accounts that the home-owner is attached to?
Bank can go to the level of garnishing the wages also if they find that you still owe them. but,
only payments against child support will not be garnished. and one more to add that they can not garnish the whole salary at any moment.
keep in touch......
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only payments against child support will not be garnished. and one more to add that they can not garnish the whole salary at any moment.
keep in touch......
:arrow: :arrow: :arrow:
So do the banks normally go after assets following a foreclosure? And what about the assets that belong to the small business, like funds in the company expense account?
Hi Salty,
If you are unable to pay the deficient amount resulting from the sale of the property, the lender will have the right to garnish your salary or your bank account. If you have another property, then the lender can even place a lien on that property.
Thanks
If you are unable to pay the deficient amount resulting from the sale of the property, the lender will have the right to garnish your salary or your bank account. If you have another property, then the lender can even place a lien on that property.
Thanks
"And what about the assets that belong to the small business, like funds in the company expense account?"
Most of the time it is hard to detect the connection of an individual with all the small businesses. If you are one of the director/promoter of the small business and happen to BK or foreclose your property they will come behind your personal savings account first....
I think that they will have hard time proving that they can put lien on the small business's assets because most of the time it is not owned by single person.
keep in touch......
:arrow: :arrow: :arrow:
Most of the time it is hard to detect the connection of an individual with all the small businesses. If you are one of the director/promoter of the small business and happen to BK or foreclose your property they will come behind your personal savings account first....
I think that they will have hard time proving that they can put lien on the small business's assets because most of the time it is not owned by single person.
keep in touch......
:arrow: :arrow: :arrow: