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I have an second mortgage with a credit union. At the same

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I have an second mortgage with a credit union. At the same credit union, I also have an account for my deceased father's trust. I am the trustee and I have the responsibility for selling his property and maintaining it until it sells. Most of his assets have been distributed among my siblings, but he does have a piece of property remaining, so I have kept some money in the trust account to help with these expenses. Times have been rough and we have been late with the payments for our second mortgage. Every time this happens, the credit union freezes my trust account and threatens to just take the payment out of the trust, without my consent. They say that because my social security number is XXXXX both accounts, they can put a hold on the trust account, when I am late with my mortgage payment. I did use my father's tax id number when I set up the account, but I had to give them my social security number too. Is this legal? They will not let me close my account and move the trust's money to another bank, until I have up to date with my second.
Do they have the right to connect these accounts like that?
Thanks, Nancy
Submitted: 3 years ago.
Category: Legal
Expert:  Joseph replied 3 years ago.

Unfortunately, the credit union is being straight with you. As they stated to you, if there is a connection between accounts, they have the lawful ability to freeze assets from one account to satisfy obligations of another account. In this situation, the connection is your name and social security number. As your information is attached to both accounts, they may do as they did.

 

The only way to cure the problem would be to eliminate the connection. To do so, you would either remove your name from one of the accounts or move the account to another banking institution. The mortgage would not be easily moved to another institution. However, as the trust is nearly complete, perhaps this would be the account to move.

 

Please let me know if anything requires clarification.

 

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Joseph, Attorney
Category: Legal
Satisfied Customers: 7279
Experience: I have 15 years experience in the legal field, currently specializing in criminal and family law
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Joseph
Joseph
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I have 15 years experience in the legal field, currently specializing in criminal and family law