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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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My wife and I co-signed for our son to buy a home 4 years ago

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My wife and I co-signed for our son to buy a home 4 years ago in Florida. He can not afford the payments any longer, and I am now retired, so we can NOT help him any longer. Can any CD's or Money Market accounts co-owned by my wife and her Mother be seized to satisfy the mortgage if we allow the loan to go into foreclosure? What assets CAN be seized?
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

When a property is foreclosed in Florida, a judgment can be entered by the court for any amount of the loan that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on other nonexempt property held by the borrower and cosignor.

Florida has liberal exemptions that protect assets from attachment. These include head of household wages, homestead, retirement funds as well as other exemptions that you can view at this link:
http://www.thebankruptcysite.org/exemptions/florida.html

Although these are bankruptcy exemptions they apply outside of bankruptcy as well.

Your CD's and/or Money Market accounts co-owned by your wife and her mother can be attached.

Best wishes.

Customer: replied 6 years ago.

If a short-sale is executed, and the contract reads that the sale is final and no further balance is due, can a deficiency judgment still be entered, and can the co-owned CD's and Money Market accounts of my wife and Mother still be attached? Thank you!

If a short-sale is executed, and the contract reads that the sale is final and no further balance is due, can a deficiency judgment still be entered, and can the co-owned CD's and Money Market accounts of my wife and Mother still be attached? Thank you!
No. This would be a waiver of the deficiency and therefore your assets could not be attached.
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