I am close to the age of retirement but I'm having trouble paying my mortgage, can the bank attach my retirement if I file for bankruptcy ?
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Read More Answered By: Dorothy Bunce |
If you maintain your checking account at the same bank that your mortgage is with, it is possible. Even though federal laws protect your mortgage, a clause in your contract with the bank may say that you agreed to allow them unlimited access to your account to pay for any loans you also have with the bank. So if this is the situation, I would urge you to move your checking account to another bank for your own protection.
Of course you know that if you don't pay your mortgage, at some point the mortgage company can foreclose on your home. However, there are strategies that you could use to extend the amount of time you can stay in your house rent free if it should come to that.
Hope this perspective helps! |
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