Legal Question in Real Estate Law in New York

Can a bank seize my bank account during foreclosure?
Hi, I am two months behind in my
mortgage payments on a problematic
apt I own, and cannot pay for
anymore. I am expecting foreclosure
in the near future. I have a bank
account with an average of 2000 in it
for survival. Can the bank freeze this
bank account? I am worried about
this. I also have a joint account with
my elderly father, who deposits his
SS check into the account. Most of
the money in this account is his, im
just on the account in case
something happens to him. There is
a balance of about 15K in the joint
account, but again it is not mine nor
would I ever ask him for any of it.
I am worried the bank will try to
freeze the joint account also and it
will be devestating to both him and
me. I appreciate your help very much
as I have no one to ask these
questions. Many thanks to you.

Asked on 1/11/09, 9:38 pm

2 Answers from Attorneys

Michael Markowitz Michael A. Markowitz, PC

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Re: Can a bank seize my bank account during foreclosure?

A judgment creditor cannot garnish social security income. The law recently changed concerning restraining bank accounts that social security income deposits. The new law is set forth under NY CPLR � 5222-a. You may read the law at this site:http://public.leginfo.state.ny.us/menugetf.cgi.

Mike.

Answered on 1/12/09, 8:17 am

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