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Enough Already · 03-16-2009, 04:41 PM

We opened new accounts at the same banks (one is a credit union account the other is an online ING account). We figured if the lender didn't have our account numbers they would not be able to reach in and take money out.

I think the lender can do a search and find out if you have money, but it's expensive to do it, and they don't want to spend the money. For the most part I think they figure most people are broke, so they don't want to waste money on investigations.

If they find out you have the money they would certainly be less willing to settle it for a low price. Honestly, if didn't have another FL property to sink our savings into I would take my money out of the bank and put in a safe, as so many others have done.

As far as the red flag goes, I think transfers or withdraws of $10K or more get flagged somehow, so you might want to take out $9,500 one week, and $9,500 the next to be on the safe side.

Crazy that it comes to this! I don't understand why the home itself doesn't also satisfy the 2nd mortgage. When we bought the house we thought it was also collateral for the 2nd mortgage. What a shock to find out it wasn't. I can't believe any bank would loan us $63K without some kind of collateral. If we had known that I'm sure we would not have taken the loan. Of course the banks knew that if people had to put 20% down home sales would grind to halt, so they kept giving those 80/20 loans (and all the other crazy types of loans), which kept driving the real estate prices up and they made a killing at everyones expense.

03-16-2009, 04:41 PM	#4 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Posts: 438 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What should I do w/bank accounts We opened new accounts at the same banks (one is a credit union account the other is an online ING account). We figured if the lender didn't have our account numbers they would not be able to reach in and take money out. I think the lender can do a search and find out if you have money, but it's expensive to do it, and they don't want to spend the money. For the most part I think they figure most people are broke, so they don't want to waste money on investigations. If they find out you have the money they would certainly be less willing to settle it for a low price. Honestly, if didn't have another FL property to sink our savings into I would take my money out of the bank and put in a safe, as so many others have done. As far as the red flag goes, I think transfers or withdraws of $10K or more get flagged somehow, so you might want to take out $9,500 one week, and $9,500 the next to be on the safe side. Crazy that it comes to this! I don't understand why the home itself doesn't also satisfy the 2nd mortgage. When we bought the house we thought it was also collateral for the 2nd mortgage. What a shock to find out it wasn't. I can't believe any bank would loan us $63K without some kind of collateral. If we had known that I'm sure we would not have taken the loan. Of course the banks knew that if people had to put 20% down home sales would grind to halt, so they kept giving those 80/20 loans (and all the other crazy types of loans), which kept driving the real estate prices up and they made a killing at everyones expense.