Can the bank take money from my account if I am in foreclosure? 1 Answers as of August 03, 2011

If my bank holds my mortgage and I have a lot of money in my account and am in foreclosure can they take money from my account?

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The Law Offices of Mark Wm. Hofgard, Esq.
The Law Offices of Mark Wm. Hofgard, Esq. | Mark Hofgard
The bank cannot take money from your bank account through the foreclosure process. Foreclosure is an action in rem, meaning that it is against the property, and not you personally. However, if the sale of the property through foreclosure results in a deficiency, the creditor may then pursue the deficiency and seek to collect from your assets.
Answer Applies to: Colorado
Replied: 8/3/2011
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