How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 29985
Experience:  Lawyer
Type Your Consumer Protection Law Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

I signed a mortgage about 12 years ago for my daughter, who

This answer was rated:

I signed a mortgage about 12 years ago for my daughter, who lives in Florida. It is about to be foreclosed on. I am retired & live in AZ although she lives in the house. I'm not so much worried about my credit, which has been really until now, as I am worried about my savings account. My question is, will they be able to go into my savings & take it and, if so, I can I protect it. It's not much, but I'm counting on it to fall back on. I live on Social Security & a small pension.

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.

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.
Lucy, Esq. and 2 other Consumer Protection Law Specialists are ready to help you

Related Consumer Protection Law Questions