Posted on: 22nd Apr, 2010 03:32 pm
Hello,
I am currently 5 months past due on my mortgage with Chase. I have been denied on a loan modification, but am awaiting the answer on a second application for it. If they foreclose, can they take money out of my bank account if I have done electronic transfers in the past? I have about $1500 in the bank, but I owe over $6000 in mortgage payments. I want to be certain I have enough to get in to a rental if the modification does not happen. Is my money safe? Also, does anyone know anything about the new program for loan modification?
I am currently 5 months past due on my mortgage with Chase. I have been denied on a loan modification, but am awaiting the answer on a second application for it. If they foreclose, can they take money out of my bank account if I have done electronic transfers in the past? I have about $1500 in the bank, but I owe over $6000 in mortgage payments. I want to be certain I have enough to get in to a rental if the modification does not happen. Is my money safe? Also, does anyone know anything about the new program for loan modification?
Hi rockynotbalboa!
Welcome to forums!
After a foreclosure, the lender has the rights to recover the deficient dues from you. If you do not pay off the dues, then the lender can get a judgment from the court and garnish your wages or your bank account. If you've any other property, then the lender can even place a lien on it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
After a foreclosure, the lender has the rights to recover the deficient dues from you. If you do not pay off the dues, then the lender can get a judgment from the court and garnish your wages or your bank account. If you've any other property, then the lender can even place a lien on it.
Feel free to ask if you've further queries.
Sussane