Cana bank that is also my mortgage lender,put a hold on my personal or business accounts ifI am relinquishing my home to them?

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Cana bank that is also my mortgage lender,put a hold on my personal or business accounts ifI am relinquishing my home to them?

I am currently going through bankruptcy and relinquishing my home to my lender, a bank. It should be discharged by the middle of 01/11. If I deposit funds into my personal or business account, can this bank put a hold on the funds? Will those funds be at risk?

Asked on December 29, 2010 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Are you relinquishing the home in the bankruptcy? Or are you signing a deed in lieu of foreclosure?  Is the bank waiving any deficiency that may result from the sale of the house?  If they are then you should be fine.  But if they obtain a deficiency judgement then they will know how to execute on it and where to find your accounts, won't they?  I think that you need to consult with your attorney in the bankruptcy, who is to be made aware of all of your assets in any event.  The way that you have phrased this question leaves a lot of open ended questions as it is.  Get some help.  Good luck.


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