Can a bank HQ uses the "law of compensation" without notifying the account owner?
I'm in a situation where I could not make my mortgage after a divorce and about foreclosure. My lender is also found my bank and took money from the children of my account savings to pay The Mortgage. I realized children. Authorities say they have the right to offset this. Can you deny? I'm working on using my retirement to pay for the loss of the bank and I am totally confused, because they took money from my son. I just want a way to get money for my children. Thanks
I work for a bank, so I can tell you what they did is completely legal. Legal yes, ethical, no. If your name is on an account, regardless of the type of account that is, you are legally responsible for that money in every way, shape or form. Even if you never made a penny in that account and his name was that the account for monitoring purposes, if you owe money to another account, you can take wherever they can find, even on behalf of their children. Sorry to be the bearer of bad news. Good luck.
Offset Mortgages
