Can a mortgage company freeze the borrower's bankaccounts besides foreclosing their house?

My friend is faced with a potencial foreclosure. But with today's housing market, she could still owed the bank up to $100,000 after foreclosure. She is worried about her other assets such as savings accounts. Can the bank touch those assets?Can a mortgage company freeze the borrower's bankaccounts besides foreclosing their house?
No freezing, only seizing.





She has no right to rip them off of 100K when she has it available to repay the loan.





Why should she be able to screw them out of that much when she has money in savings?





You friend is a real winner there.Can a mortgage company freeze the borrower's bankaccounts besides foreclosing their house?
Legally, she is responsible for any balance left after the foreclosed house is sold. The bank may choose not to pursue her for the balance. If the bank forgives the balance it will be considered taxable income and she will owe tax on it. If the bank pursues her for it, it will sue her to obtain a judgment which would allow it to garnish her wages and seize her personal and financial assets. Her only solution would probably be a bankruptcy.
When the foreclosure proceedings occur, the bank's lawyers will meet up with the owner (and hopefully his attorney) to hash out what all assets the owner has and then come to an agreement as to what else the owner will have to give up upon foreclosure. If they don't come to an agreement, the bank will take the owner to court, where the court will decide what the settlement will be. And, the court could decide that the owner has to forfeit other assets or have the bank place liens on those assets such that, when they are sold, the bank gets paid first.
No! work with your bank and they will work with you to either approve a short sale, refinance your loan or deed in lieu, foreclosure will not cause them to freeze your bank account, only the feds can if you engage in illegal activities.
Yes they can. They can also put a lien on her car/other property as well as garnish her wages and seize her IRS returns.
They sure can. And will.