Fairfax VA – Recently I found out about a rather disturbing loophole when it comes to Fairfax VA short sales. Let’s say that someone is short selling their Fairfax VA house. The mortgage is with ABC Bank. The homeowner also happens to have a checking or savings account at ABC Bank.
One day, these Fairfax home owners stop paying their mortgage. They don’t even think about their checking or savings account because they figure it’s two different accounts with the bank.
Then one day their debit card stops working. When they go check their bank account balance, they find out it has been sucked dry. Their lender levied their bank accounts to pay the mortgage that month.
The worst thing about this scenario is that the people who stop paying their mortgages are usually the people who are already close to broke. To have their last bit of savings wiped out is devastating.
If you want to avoid having this happen to you, make sure your checking and savings accounts are with a separate entity.
This works for all different kinds of loans. If you are behind on a car payment, then move your account elsewhere. The bottom line is that you don’t want your bank to be owned by the same institution.
This can become a little tricky to discern, especially given all of the recent mergers and purchases within the banking industry. For example:
- Wells Fargo recently purchased Wachovia
- JP Morgan Chase purchased Washington Mutual
- Bank of America purchased Countrywide.
Although it’s true that these banks are so huge that they might not ever notice you have two accounts with them, why take the risk?
Are you thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Thanks for reading this,
Thierry is a Real Estate Agent at RE/MAX Premier, and Host of Talk Radio’s, ‘Inside Real Estate’
Phone: (703) 322-0600.
Thierry is an advocate for Homeowners in Distress. Thierry has made it his personal mission to help as many people as possible avoid foreclosure and keep their home.
Thierry Roche specializes in loan modifications and short sales in Fairfax Virginia. Fairfax Loan Modification Help. Fairfax Short Sales. Fairfax Short Sale Realtor. Fairfax County Short Sale Realtor. Fairfax VA Short Sales. Fairfax Realtor.
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This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Roche’s personal views and do not reflect the views of RE/MAX Premier. This information is provided as a courtesy to our viewers to help them make informed decisions.