I'm almost three months behind with my mortgage payments. I bank with Bank of America which also happends to be the parent company of my lender (LaSalle Bank). Do they have the right to take my money? Do you think my lender is aware I have a checking account with them?
Can my mortgage lender take away funds from my checking account without my permission?
If you're in default with your taxes or insurance, they do have that right. It's called the right of setoff.
Reply:Check your contracts on both the mortgage and the checking account. You probably agreed to this when you signed them. If you're behind on your mortgage, then yes they can take the money from your checking to pay the mortgage.
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