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Can lender take all my money from savings if I default on loan?

Chicago, IL |

If I stop paying my mortgage and am able to save a little, can the mortgage co. take that money? My mortgage is 55% of my income (Countrywide) and I've been running up credit card debt in order to pay my mortgage. Once I get the credit card paid off I imagine I'll have a little saved but it's still not enough to pay the mortgage.

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Attorney answers 3


You need a judgment first to seize assets, which hasn't happened yet - at least from what I'm reading above.


Mr. Gotzh is correct with one exception.

If your bank and your mortgage company are one in the same they can and will take money from your savings to go towards a debt. I suspect that since you are mortgaged through Countrywide and because i have never heard of a savings account with them this will not be the case though.


It depends on whether the Lender has served you or not personally. If they have they have the right to secure a deficiency judgment. Assuming your house is sold at the auction for 100k and you owed 200k, the Lender has the right to come after you for the 100k as a deficiency judgment. Please retain qualified counsel to go over these points with you as soon as possible.

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