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Barrister
Barrister, Lawyer
Category: Real Estate Law
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Experience:  14 years real estate, Realtor. Landlord 24+ years
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We have not paid our mortgage for the last two months. We are

Resolved Question:

We have not paid our mortgage for the last two months. We are approved on a short sale and go to closing in a few days. Our credit union services our mortgage but sold it to Fanny Mae years ago. We have our savings and checking account this same credit union. Our children's savings accounts are at this credit union. With in the last two weeks our credit union has blocked us from accessing our accounts (and children's accounts). 1. Is this legal? 2. Can they draw the funds out of those accounts to help recover the missed payments over the last two months?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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1. Is this legal? 2. Can they draw the funds out of those accounts to help recover the missed payments over the last two months?
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Unfortunately yes, it is completely legal for them to access any accounts you have with the bank to make up any missed payments. This is what is known in the banking industry as "cross collateralization". What that means is that when you opened your accounts originally, somewhere buried deep in the fine print is a little paragraph that states that you agree to allow the lender to cross collateralize your accounts.
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So if you have a debt on one account that you don't pay, but have assets in another account, if you don't pay the debt after notice of the delinquency, they can take assets from the other accounts in your name to pay the debt.
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I am sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers, even when an answer is not favorable to the customer.

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Thanks.

Barrister

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If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 23952
Experience: 14 years real estate, Realtor. Landlord 24+ years
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