My name is XXXXX XXXXX I'd be happy to answer your questions today.
Unfortunately, Florida law does allow a mortgage company to sue for any difference between the value of a foreclosed home and the balance on the loan. They can choose to sue any person listed on the mortgage, which means that they would be able to get a judgment against you.
Social security income cannot be taken to pay a judgment and neither can a pension. Money in your retirement accounts may not be taken while it's in those accounts. Arizona law also protects up to $150,000 equity in a person's primary residence from being taken to pay a judgment. Unfortunately, savings accounts can be levied to pay a judgment. The law only exempts $150 in a bank account from being taken. Ariz. Rev. Stat., Section 33-1126.
To enforce a Florida judgment in Arizona, they'd have to go to Arizona and ask the judge to domesticate it. You may be able to try to negotiate based on how much is still owed on the loan. They may also choose not to enforce the judgment, depending on how much you have and how much is owed, based on the time and cost involved. If they have a valid judgment, there unfortunately isn't a way to stop them from legally collecting it. Money deposited into a retirement account within 120 days before a judgment is entered is specifically NOT protected. A transfer of assets made for the purpose of avoiding a creditor is void under Arizona's Fraudulent Transfer Statute, Section 44-1005
. But you can try to negotiate with them if they get a judgment against you.
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