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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 34298
Experience:  16 years real estate, Realtor. Landlord 26 years
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My 77 year old mother needs to let her home go into

Customer Question

My 77 year old mother needs to let her home go into foreclosure. She is way underwater so selling will not help and she cannot keep up with the land and home anymore. Do we need to worry about the bank coming after her social security and my Dad's (deceased) pension?
Should she move her account to a different bank as her mortgage is with same bank she keeps her savings/checking. Thank you.
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Barrister replied 10 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Do we need to worry about the bank coming after her social security and my Dad's (deceased) pension?

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No, those types of income are protected from garnishment under federal law so those funds are safe.

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Should she move her account to a different bank as her mortgage is with same bank she keeps her savings/checking.

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I would, simply because even though the bank can't legally seize the account funds, sometimes they will try and then claim that they are innocent and they had no idea that the funds were exempt. Then the customer has to go through the court to have the seizure released and the account unfrozen which can take days or weeks and can cause financial issues as checks will bounce and the funds wouldn't be available.

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thanks

Barrister

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