| Re: What should I do w/bank accounts
Hi Theylive,
We decided to open new accounts, the lender wouldn't have the account numbers. We also talked with an asset protection attorney and he said they cannot take money from your bank accounts. He also told us that you would know you were being sued for the deficiency long before they could they could sieze your accounts, or do anything to you - giving you time to move it or use it for something else.
The attorney also thought that it would be more likely for the lender to end up selling your 2nd mortgage to a debt collector, who would probably settle with you for 5%-10% of the loan amount.
In our case we own another FL property which we'll be moving into, so if they come after us we'll sink our savings into that property, as it will be protected by FL homestead. Either way, we felt more comfortable closing old accounts, and opening new ones.
I hope this helps. Good luck! |