General Question

susanc's avatar

What happens if I walk away from my mortgage even if I have money in the same bank?

Asked by susanc (16139points) April 2nd, 2010

I have 2 accounts there and another mortgage too. If I walk away from this loan (it was partly their fault that I took the loan out), I think they’ll just seize my other assets. Can they?

Observing members: 0 Composing members: 0

8 Answers

poisonedantidote's avatar

im not too sure how it works where you are, but here in spain they would just take the other assets off you.

having said that, we also have laws against selling people loans via questionable methods.

this is not legal advice

dpworkin's avatar

You are perfectly free to walk away from an underwater mortgage. They don’t want you to know that, but the contract is, you make the payments, they don’t foreclose. You stop, they do foreclose. That’s it. That’s all they get.

Tropical_Willie's avatar

If you have assets in the company that holds the mortgage, they will hold the moneys or assets for walking away from mortgage. I know because many years ago I went through a “short sale”, the saving account was seized.

john65pennington's avatar

About the only knowledgeable answer to give you here is: read your mortgage contract. the answer lies there and not here. each mortgage is different. another difference would be if your mortgage was with a state bank or an FDIC bank.

Your answer is in your contract.

boffin's avatar

Can they?


janbb's avatar

Why not move yoru other accounts before walking away from your mortgage?

YARNLADY's avatar

@janbb Beat me to it yet again.

Answer this question




to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
Knowledge Networking @ Fluther