sunnyAZ99874
Junior Member
I am in Arizona. To my knowledge this is a non-recourse state. I am currently going through a foreclosure. There will be a shortfall of $120,000 but I can no longer afford the house so I have to let it go.
A few months ago I did go to a real estate attorney for a consultation to determine what would happen if my house went into foreclosure. She read through all of my loan papers and advised me that the only remedy was for the bank to just take the house and auction it. Because of the state laws, the bank cannot go after me for the shortfall.
Today I tried to buy something at a store and my debit card was declined even though I have $900 in there. I called the bank and was able to find out that there some sort of hold on my account. I cannot determine the specifics, however, because the customer service deparmtent is closed. Of course they will be closed Monday because of President's day and no can give me a straight answer why my account is frozen.
The house will not be auctioned off for another 30 days. I have not made any payments for over 9 months. I guess I was stupid to leave money in that account, but I thought if they were going to try and freeze my accounts and take the money, they would have done so by now. At the moment I technically owe them $249,000 so not sure why they want my measly $900 bucks, that is not even one full mortgage payment.
Also, because the lawyer told me they cannot come after me, I thought I was safe. Can anyone tell me in Arizona can the bank take money out of my account to go towards an uncollectible debt?
And do I need to be worried about money I have in another bank --can they somehow get their hands on that money too?
This is a credit union, if that matters. thanks for reading.
A few months ago I did go to a real estate attorney for a consultation to determine what would happen if my house went into foreclosure. She read through all of my loan papers and advised me that the only remedy was for the bank to just take the house and auction it. Because of the state laws, the bank cannot go after me for the shortfall.
Today I tried to buy something at a store and my debit card was declined even though I have $900 in there. I called the bank and was able to find out that there some sort of hold on my account. I cannot determine the specifics, however, because the customer service deparmtent is closed. Of course they will be closed Monday because of President's day and no can give me a straight answer why my account is frozen.
The house will not be auctioned off for another 30 days. I have not made any payments for over 9 months. I guess I was stupid to leave money in that account, but I thought if they were going to try and freeze my accounts and take the money, they would have done so by now. At the moment I technically owe them $249,000 so not sure why they want my measly $900 bucks, that is not even one full mortgage payment.
Also, because the lawyer told me they cannot come after me, I thought I was safe. Can anyone tell me in Arizona can the bank take money out of my account to go towards an uncollectible debt?
And do I need to be worried about money I have in another bank --can they somehow get their hands on that money too?
This is a credit union, if that matters. thanks for reading.
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