Legal Question in Credit and Debt Law in Nevada

We had a foreclosure on our primary residence sold February of last year. We had a second mortgage through Wells Fargo. We had received and done the 1099 for the foreclosure this year.We opened a checking/savings account with Wells Fargo and was told the HELOC was not active and would not affect our account. Today they "Wells Fargo collection" took the entire amount of our account $8100 without our authorization or without any warning whatsoever. Is this legal and do we have any recourse in getting our money back?


Asked on 6/03/10, 9:20 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

It is legal and is called "set-off". The only way to get the money back is to file a bankruptcy.

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Answered on 6/11/10, 7:46 am


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