Think twice about banking with your mortgage lender

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Right of offset lets banks tap deposits for missed loan payments. It maybe a good idea to move your checking or savings account to a different bank if your bank still owns your loan. Then it would be much more difficult to tap into your accounts as they would need a court order to locate your funds. You are at greater risk when a loan involves a commercial property or expensive home.

“Borrowers who’ve missed a mortgage loan payment to a bank or credit union where they also have a checking or savings account might want to move their money. The right is rarely exercised, but these institutions technically can tap those accounts to get late payments and more”

See full article Lenders can tap bank account for mortgage

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