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    janicem13's Avatar
    janicem13 Posts: 1, Reputation: 1
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    #1

    Nov 3, 2007, 09:32 AM
    Freezing assets
    Last year my son was purchasing a home when his wife left. I put the house in my name and since he was going throuh a rough time, he is in default on the payments a few months. I received a notice of foreclosure today. Since the loan is in my name, can my bank assets be frozen at any time because of this? If so, and my account has my partners name on it also (we are not married) can they still be frozen? I live in New York.
    s_cianci's Avatar
    s_cianci Posts: 5,472, Reputation: 760
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    #2

    Nov 3, 2007, 09:37 AM
    They sure can be. Try to get the payments updated or pay off the loan somehow, whether it be by selling the property or whatever.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #3

    Nov 4, 2007, 11:34 AM
    Quote Originally Posted by janicem13
    Last year my son was purchasing a home when his wife left. I put the house in my name and since he was going throuh a rough time, he is in default on the payments a few months. I received a notice of foreclosure today. Since the loan is in my name, can my bank assets be frozen at any time because of this? If so, and my account has my partners name on it also (we are not married) can they still be frozen? I live in New York.

    Yes, definitely - legally the loan is yours. And, yes, the bank/mortgage company can get a judgment and will attempt to collect from you any way they can. Bring the payments up to date if you possibly can and avoid foreclosure - there is no judgment against you now and I would suggest separating your assets from those of your partner.

    The bank/mortgage company very possibly will work with you - right now the market is flooded with foreclosures.
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