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Icon Mini Profile ak1232002





Joined: 11 Apr 2010

Posts: 3

1.98 Dollars($)
Post Posted: Mon Apr 12, 2010 9:36 pm    Post subject: Foreclosure advice
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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!
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post Posted: Tue Apr 13, 2010 12:08 am    Post subject:
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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
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