Foreclosure and Wages

[robertkline]

What is the name of your state?Georgia

I have rental properties that are about to go into foreclosure. I currently bank with the same banks that own the mortgages.
1. Can/ or is it probable that they will take money out of my account if i don't have automatic payment.
2. Can/ or is it probable that they will garnish my wages?

Thank you for any help you can provide.

[MominRI]

Hi im not a lawyer but i went through a similar situation. The best thing to do is call the bank or go there directly and inform them you do not authorise them to take funds from ur account to pay for ur foreclosing properties. Another option is to take your funds elsewhere. I had the same issue and they took the funds out even though i didnt have enough funds to cover it and never authorised them to take the funds. Which in the process not only was i having a foreclosure but then i had to pay over draft fees because it didnt go through. Hope this helps.

Originally Posted by MominRI

Hi im not a lawyer but i went through a similar situation. The best thing to do is call the bank or go there directly and inform them you do not authorise them to take funds from ur account to pay for ur foreclosing properties. Another option is to take your funds elsewhere. I had the same issue and they took the funds out even though i didnt have enough funds to cover it and never authorised them to take the funds. Which in the process not only was i having a foreclosure but then i had to pay over draft fees because it didnt go through. Hope this helps.

Not a bad answer.

"...1. Can/ or is it probable that they will take money out of my account if i don't have automatic payment.
2. Can/ or is it probable that they will garnish my wages?..."

My answer is there is a 50-50 chance on both questions.