I have feared this for a long time. But today I found out that it is actually happening. Here's the story. Someone is short selling their home. The mortgage is with ABC Bank. They happen to have their checking or savings account at ABC Bank.
They stop paying on their mortgage. They thought their checking account was safe because it is a different account from their mortgage. Then one day their debit card stops working. "Hmm, this is weird. I know I have money in this account. It should be working", they think to themselves. They go check their bank account balance and find out it has been sucked dry. In addition, their savings account has been wiped out as well. What could have happened?
Their lender levied their bank accounts to pay the mortgage that month. The sad thing is that most people in this situation are close to broke. Having their last bit of savings wiped out is devastating. Now they don't even have enough money for gas to get to work. Here is how to avoid having this happen to you. If you get behind on any type of loan, then make sure your checking and savings accounts are with a separate entity. If you are behind on a car payment, then move your account elsewhere. You want to make sure that your bank is not owned by the same institution. For example, Wells Fargo recently purchased Wachovia. JP Morgan Chase purchased Washington Mutual. Bank of America purchased Countrywide. Now, some people think this doesn't matter because these lenders are so big. "Bank of America is huge! They will never notice that I have my checking account with them", they tell me. Yes, that is often true. They might not notice. Or, I've had people make the argument that they aren't allowed to levy a bank account. Yes, that might be true as well. But do you have time to read thru the 20 pages of fine print for when you first opened your checking account? I'm not a lawyer and I would never try to go thru all that. It's much simpler to simply move your account elsewhere before you miss a payment.
Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (602) 290-0950 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our NorthWest Valley loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Chris Collins. Chris is a Real Estate Agent at Show Appeal Realty. NorthWest Valley Short Sales Realtor: Phone: (602) 290-0950. firstname.lastname@example.org. View My homes for sale at northwestvalleyshortsales.com. Christopher Collins specializes in loan modification assistance and short sales in NorthWest Valley Arizona. NorthWest Valley Loan Modification Help, NorthWest Valley Short Sales. NorthWest Valley Short Sale Realtor. Glendale, Arizona Loan Modification Help, Glendale, Arizona Short Sales. Glendale, Arizona Short Sale Realtor. NorthWest Valley AZ Short Sales. NorthWest Valley Realtor. Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Chris Collins, Show Appeal Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Chris's personal views and do not reflect the views of Show Appeal Realty. This information on Thinking About A NorthWest Valley Short Sale? Don't Let Your Lender Levy Your Bank Account is provided as a courtesy to our viewers to help them make informed decisions.