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We sent them a harship letter and told them our situation. We can not afford to pay our house payment and the other bills we have. We have moved out of our house and are renting. I started my new job last month and as soon as my paycheck was deposited they withdrew the home loan from my checking account. Our loan has always been on a coupon withdrawl not direct withdrawl. Can they do this? My home loan and checking are both with Bank of America.
If your bank is the same as your mortgage then they can. when the loan was originated, some where in all those signatures you gave them permission
You need to stop the direct deposit from your new employer & you need to close out the checking account at the bank.
If there are any auto bill pays from the checking account, you need to make other arrangements, like making out money orders instead.
Find someplace to cash the checks and don't open up another checking account, the bank may just get a judgment and a garnishment for other banks if you open a new checking account.
Sorry you lost your money, that was very unfortunate.
Nightstar, jwilk has a renter in the home and a new job. So I think the money problem is temporary.
The think is, what BofA did was legal. it is unfair that you weren't aware it was coming. It is happening all over the country.
I would look around for a free checking account to open to get more control of your money. Unfortunately, BofA doesn't give a crap about you.
You didn't lose the money I hope everything gets caught up.
You say you have renters in the house now.
Is there still an outstanding balance? Or did the money the stole cover that?
If it is not caught up they will start the process to foreclose on the house. I think there are special rules when you have renters in the house, you would need to speak with a expert in this area though.
I still would not put the money into another bank, banks have ways of hunting down new accounts and just starting the process to put a garnishment against the new account.
garnishment of checking account by bank
Hi Jwilk,
Your bank can garnish your checking account, provided they get a judgment against you. To stop the garnishment you need to pay off the dues. If you find it impossible to pay the high amounts as mentioned in the contract, you can try to negotiate a settlement with the bank. Debt settlement lowers the outstanding debt amount by 40-60%. For more details on debt settlement, you can refer to http://www.creditmagic.org/blog/2009/04/06/debt-settlement-the-way-it-w… .
Hope this helps.
Regards,
Aaron