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Hi
Steve from Wilhelmy Homes
Hey Thanks for stopping by this site
I really appreciate it
I want to talk to folks about some kind of a tricky topic in the short sale world
And it's this term called Account Set Off
If you take a look back there is also another video blog with regards to Cross Collateralization
Similar type issues and you need to be aware of it
Because it is something that could impact you
I will give you my disclosure
I am not a banker
I am not a mortgage person
I am a real estate agent and I have just run into this situation a few times
It doesn't happen every day
But what the Account Set Off thing is somewhere in your documents
When you signed up for a checking account
Or a savings account that says if you have a loan from us
And if that loan goes into default
We have the right to automatically deduct money from your account
Now it doesn't happen with every account
It happens with some accounts in certain banks
And some banks are more apt to do with others
And it is a way for them to reduce their risk
But you need to be aware of it
That you know if you are like most folks with the short sales situation
It is a financial hardship
And frankly life has happened and you are not able to make your mortgage payment
But you have some money may be in your savings account that you can pay for your other bills
And stuff like that and all of the sudden the bank says Oh yeah
Because of Account Set Off
We are going to take that and apply that to your mortgage payment
And then all of a sudden, that savings account is being depleted pretty harshly
So what I always tell people
Make sure you are aware if you are
If you are in a situation that your mortgage is in the same place that you are checking
And your savings account is, take a look at your savings and checking notes
And how the rules if you will are set up
And if your short sale is what you are thinking that might be the best option
I highly suggest reach out to me, give me a call, I would love to have a chat with you
Either we can talk on the phone or we can talk in person
And we can talk through all these scenarios and make sure that this is the best option
for you
And then what that process is going to look like
And more importantly how you get through that in and get yourself re-established
And talk about some of the successes that I have had
And the folks that I have been able to help out and get them back on their feet again
And how the relief is that you can step away from this
So again most important thing if you have a situation where your mortgage is where your
checking
And savings is you probably want to reach out and talk to somebody about that
And I love to be able to be there and provide that information for you
My name is Steve with Wilhelmy Homes
Here is my phone number right on the screen as well as my email address
Feel free to reach out whenever you would like
I would love to chat with about it
Thanks