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I'm sorry to hear about your situation. Do you still own this condo, or has it been sold / foreclosed?
it is in foreclosure with my mom still living in it
Thank you. "Judgment proof" is a phrase that we lawyers use when there are no non-exempt assets to attach, levy or garnish. Your Social Security is exempt from attachment, levy and garnishment by Federal law. Your pension is exempt under New Jersey law (see NJ statute 43:8A-20). Now this does not mean that they cannot get a judgment against you, but a judgment is merely a piece of paper that allows them to attempt to recover against any non-exempt assets.
If you have so few assets, then they probably wouldn't have anything that they could do with that judgment.
Yes I am aware of above.
They're not obligated to take any offers that you put forward that would clearly be better than the alternative, but it's strange that they don't if they know your financial poisition.
You said that he did not clarify if they can get your SS / pension.
That's what I was clarifying.
So you were aware of that?
That also surprised me...how should I respond to the suit
Well, you can answer the lawsuit (that is a response filed with the court that lays out any defenses that you may have, if any). Basically this just prolongs a judgment, and while you could contest the calculation of the amount owed, that would not change the fact that they could still get a judgment against you.
Here's a package of the process and forms that you would need to file a response: http://www.judiciary.state.nj.us/prose/10554_ans_cmplt.pdf
The good thing about filing such a response is that it gives you more time.
If you can convince the HOA (or the law firm representing them) that you have NO assets that they can get, and that you know that they can't get to them, but you're going to draw this case out as long as you can, they might settle for a far lower amount.
The reason is because they're still going to be spending money.
(legal fees, etc...)
If they're convinced that they're not going to have anything to show for that in the end, they might drop it altogether.
But this might require you letting them pull your credit report, asset searches, etc... so that they will see that they can't get anything.
My final question is how much detail should I give re: my agreement with the IRS
You don't have to give any detail, or you can say that they can get in line behind your 200k IRS lien (which would have priority in any case, and that is not subject to the exemptions).
Mentioning it certainly shows that any hope of recovery on their part is far less likely.
(shows to them, that is)
tHANKS FOR YOUR HELP
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