I hope this message finds you well, present circumstances excluded. FIrst off, just because the bank forecloses on your home for defaulting on the mortgage payment does not mean that the bank can get to or liquidate your other personnel possessions
such as TVs, furniture, etc. The only way they could go after any of your other possessions would be if they financed those possessions too, and there is some deficiency in the liquidated amount of the property relative to what is owed on the property. In short, do not worry about losing your personal possessions or having to sell those possessions to your son. To that point, if by some chance the creditor could get to those possessions, the court would likely void the sell of those items unless they were sold for fair market value or more.
Different pensions plan have different rules relative to transfer. However, as a general rule the pension proceeds can be first inherited by the primary beneficiary
and when the primary beneficiary passes away, it can be inherited by secondary beneficiaries, such as your son. That said, we are hoping you are not going anywhere soon and you cannot simply pass the pension on to your son by signing over unless the original pension contract
would allow such a move...which is unlikely (possible if he was originally named as a beneficiary - but unlikely). There may be other ways to handle the situation though. You may be able to establish a living trust
in which the pension in placed on behalf of your son. You need to speak with the pension administrators about your ability to assign the inherited pension to a trust in your son's name.
The bank cannot garnish Social Security Survivors benefits. If they attempt to do so, they will be violating Section 207 of the Social Security Act (42 U.S.C. 207).
I would also advise against filing for bankruptcy protection over the foreclosure of your home. One reason for this is that the court will likely try to liquidate the home to pay off debt anyway. In other words, filing for bankruptcy may only be a temporary fix for a long term issue.
Let me know if you have any other questions or comments. I want to make sure you are completely satisfied.
Best wishes going forward.