Legal Question in Real Estate Law in New York

Can a bank seize my bank account during 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 elderly father, who deposits his

SS check into the account. 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

as I have no one to ask these

questions. Many thanks to you.


Asked on 1/11/09, 9:38 pm

2 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: Can a bank seize my bank account during foreclosure?

A judgment creditor cannot garnish social security income. The law recently changed concerning restraining bank accounts that social security income deposits. The new law is set forth under NY CPLR � 5222-a. You may read the law at this site:http://public.leginfo.state.ny.us/menugetf.cgi.

Mike.

Read more
Answered on 1/12/09, 8:17 am
Alexander Tsiring The Tsiring Law Firm, P.C.

Re: Can a bank seize my bank account during foreclosure?

There are a few ways where you can save your apartment and lower the payments on your mortgage. If you consider this, you can contact our law office.

Read more
Answered on 1/12/09, 11:23 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York