1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Bank Mortgage-First Lien Credit Cards, Rating, Repair

Discussion in 'Credit Cards, Credit Rating Repair' started by bakkam, Feb 2, 2012.

Thread Status:
Not open for further replies.
  1. bakkam

    bakkam Law Topic Starter New Member

    Messages:
    11
    Likes Received:
    0
    Trophy Points:
    0
    I (potential borrower) got a home mortgage application from a bank.

    On the application, the bank wants to acquire the right to close any or all accounts to place the bank as the first lien holder.

    The question is on which accounts (checking, savings, 401(k), 403, 529, Traditional IRA, Roth Ira......) can/will the bank place the first lien on?
     
  2. army judge

    army judge Super Moderator

    Messages:
    34,615
    Likes Received:
    5,860
    Trophy Points:
    113

    Those terms would be far too onerous for me.

    I'd find another lender.
     
    bakkam likes this.
  3. disagreeable

    disagreeable Well-Known Member

    Messages:
    2,739
    Likes Received:
    226
    Trophy Points:
    63
    Unless you plan on paying your loan faithfully, never crap where you eat. Keep your banking and borrowing in different institutions.
     
  4. bakkam

    bakkam Law Topic Starter New Member

    Messages:
    11
    Likes Received:
    0
    Trophy Points:
    0
    Thinking about checking/savings at a medium sized bank and borrowing from a credit union. Makes sense?
     
  5. disagreeable

    disagreeable Well-Known Member

    Messages:
    2,739
    Likes Received:
    226
    Trophy Points:
    63
    As long as you can get into a no fee banking situation. Otherwise, 2 credit unions are better.
     
  6. bakkam

    bakkam Law Topic Starter New Member

    Messages:
    11
    Likes Received:
    0
    Trophy Points:
    0
    It is a no fee bank; I still dislike the bank model but the location is convenient relative to the credit unions.
     
  7. disagreeable

    disagreeable Well-Known Member

    Messages:
    2,739
    Likes Received:
    226
    Trophy Points:
    63
    I use a no fee bank system also. I set it up before CCU's became easily available. They are usually friendly and accommodate their large customers.
     
  8. legaladvice99

    legaladvice99 New Member

    Messages:
    15
    Likes Received:
    1
    Trophy Points:
    0
    Most mortgage holders are starting to recognize that if they are not in first position, they are not secured
     

Share This Page

Thread Status:
Not open for further replies.