Arizona Couple Seeks Loan Modification; Lender Responds By Freezing Funds In Checking, Savings Accounts

In Scottsdale, Arizona, KPHO-TV Channel 5 reports:

• A Scottsdale couple who asked for a loan modification and then got behind on their payments recently got a rude surprise. Roger and Staci Schneider went to their bank, the Desert Schools Credit Union, on Thursday to make a withdrawal. They claim the branch manager denied the transaction because their assets had been frozen, even though the Schneiders had $20,000 in their checking and savings accounts. "We've done everything the bank has asked us to do and now they're seizing our funds and I have no idea why," Roger Schneider said. "We haven't been able to get a response." [...] The couple said they have some advice for struggling homeowners. Do not keep your money in the same bank that holds your mortgage.

For more, see Couple: Bank Froze Our Assets (Couple Asked For Loan Modification, Gets Rude Surprise).