Legal Question in Real Estate Law in New York

Can a bank freeze my checking account during a foreclosure?

Hi, I am two months behind in my

mortgage payments on a problematic

apt I own, and cannot pay for

anymore. I am expecting foreclosure

in the near future. I have a bank

account with an average of 2000 in it

for survival. Can the bank freeze this

bank account? I am worried about

this. I also have a joint account with

my father. Most of

the money in this account is his, im

just on the account in case

something happens to him. There is

a balance of about 15K in the joint

account, but again it is not mine nor

would I ever ask him for any of it.

I am worried the bank will try to

freeze the joint account also and it

will be devestating to both him and

me. I appreciate your help very

much. I had asked this question

previously but it was not answered.

Many thanks to you.


Asked on 1/15/09, 12:45 am

1 Answer from Attorneys
Peter Moulinos Moulinos & Associates LLC

Re: Can a bank freeze my checking account during a foreclosure?

The bank won't freeze the checking account but will try to foreclose on the house and sell it at auction. If it doesn't get enough money at auction to cover its loan, it may then try to garnish or levy against your bank accounts.

Please let me know if you need any assistance on this matter.

Read more
Answered on 1/15/09, 8:34 am


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