Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
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Are you in default on the mortgage loan?
Has the bank begun foreclosure proceedings yet?
Ok, they can't seize your bank accounts unless they foreclosed, sold the property, and it didn't bring enough to pay it off. They would then have to sue you for a deficiency judgment and get a judgment against you before they could get a garnishment order to seize your bank account balances.
So at this point, they are just trying to scare you as it would be months before they could actually foreclose and force a sale.