Is your Mortgage Lender and Where you Bank the Same
Is your Mortgage Lender and Where you Bank the Same – How many of us truly sit down and read every document we sign when we have a stack of papers sitting in front of us and we have some place better to be? This is all too common, especially in Gainesville Real Estate, Car purchases, signing up new bank accounts.
Now, if we all sat down and read the fine print we would see that verbiage that might just make us go “hmmm?”
So let’s talk about your short sale lender, mortgage lender or foreclosure lender and having a bank account with them. You may want to think twice! In the fine print, when you sign up for an account it states you give them the right to directly access your bank account and remove the monies owed them if you become behind on your payments, such as a loan.
It is not that Gainesville Home Buyer’s intention to default on their mortgage, life happens. This can be attributed to loss of job, financial hardship, medical hardship, death in the family.
Accounts that you share with your children or family are not protected either. In most instances, if you are only an authorized user on the account and it is not in your name the short sale or mortgage lender is unable to touch it. The same goes if the account is opened as Tenancy by the Entireties.
Let’s say you are husband and wife and you share a joint bank account however your spouse has a mortgage only in his/her name and they are delinquent on their payments. A creditor cannot go after those monies based upon the joint account being tenancy by the entireties. They are not to consider this money on a financial worksheet as monies that can be accessed when working through a short sale.
This type of account is not permanent. Say your spouse passes away, this type of account is no longer considered tenancy by entireties.
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents