In my role as housing counselor, I see people facing financial hardship - LOT's of them right now with the high unemployment rate and foreclosure rate we see here in Southern Oregon. There is a rule out there that I try to make people aware of, especially when their mortgage and checking/savings accounts are with the same banking institution. That rule is the "Right of Offset" which gives the bank the right to "sweep" the balance out of a person's checking/savings account when that person has a delinquent debt with that same institution. I just heard about it happening again recently when a homeowner who is fighting to keep their home fell behind on other bills, and those bills were with the bank where their checking account is at. They now have $80 to pay their utilities and food for the month. It's a good thing our HUD certified housing counseling agency also has an energy assistance program and supplies food to pantries throughout the Rogue Valley. This single mom and child are going to need them!
See you out there!
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