Protect Your Finances During Difficult Times

What happens when your mortgage is with your primary bank? While you are making your mortgage payments on time, everything is fine. As soon as you start missing payments, however, your bank may act to protect its interests. Many people do not realize that if their mortgage lender is also their bank, it has the right to seize their accounts.

At Prescott Pearson & Tande, PA, we have seen people suffer from this situation numerous times. They are usually stunned that their bank was allowed to take money from their checking and/or savings accounts if they missed a mortgage payment. If you are having trouble paying your mortgage, speaking with a knowledgeable bankruptcy lawyer is a good idea.

We have helped more than 70,000 people in Minnesota through difficult financial times. With a history dating back more than 40 years, we have a wealth of knowledge of exemptions in bankruptcy, different options for debt relief and other related matters. We can suggest ways to protect your home and finances during this time.

What Are the Consequences?

We often tell clients to beware of banking with an institution to which they owe money. If they default on a mortgage or other loan, or if they file bankruptcy, their bank may seize their accounts. It can happen without warning because of the bank's right of offset. This right allows banks to take money from a debtor's deposit account to cover a past-due loan payment.

If debtors do not have a deposit account with their mortgage lenders, the lenders must get a court order to seize money from bank accounts at other financial institutions. They have the right to seek the court order and pursue this action, however.

If you are facing foreclosure, bankruptcy or other financial difficulties, do not wait to seek assistance. The sooner you discuss your situation with an attorney, the more options you will have for debt relief.

"This Is All We Do, and We Do It Well."

Call for a Free Consultation Today

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

Please call us at the numbers above or contact us online to schedule a consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.