QUESTION
Can my mortgage co legally go after other savings and retirement accounts?
Asked on Apr 14th, 2012 on Foreclosures - Florida
More details to this question:
My mortgage is held with the same company that has my retirment accounts and and an asset account. Can they legally go after those funds if I foreclose on my mortgage due to lengthy unemployment?
1 ANSWER
Norman Linder Hull
Your retirement account is shielded from 3rd party creditors; a simple savings account is not. When you file, if you are in default, the bank may offset what you have in your savings account against what you owe the bank. MOVE your savings account to a bank to which you owe no money BEFORE you file bankruptcy.
Answered on Apr 19th, 2012 at 6:44 PM