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Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102162
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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In 2008 I co-signed on a mortgage home son and

Customer Question

In 2008 I co-signed on a mortgage for a home for my son and his wife . They have since
divorced. My x-daughter-in-law decided to remain in the house with her four children
from a previous marriage. She was unable to keep up payments and the house is now in
forclosure and is going to be sold a a sheriff's sale.
The house is located in Yardley, Penn. I never lived in the house and resided in New Jersey from 2008 until 2011 when I retired to Florida where have been living until present.My question is that if the sheriff's sale does not satisfy the loan balance , can the
bank go after my IRA account or my present home in Florida ?Thank you
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ely replied 2 years ago.
Hello and welcome to JustAnswer. Please note:(A) This is general information and is not legal advice. No specific course of action is proposed herein. No attorney-client relationship or privilege is formed by speaking to an expert on this site. This is repeated in numerous disclaimers throughout the site. By continuing, you confirm that you understand and agree to these terms; (B) You may or may not see a timer on the question. The site is doing some testing, but do not worry, this timer should not get in our way. The question may be answered sooner than the timer ends, or a little after. The timer may reset or it may not. Point is - I will try and make it work for our conversation; and(C) For the sake of clarity I may break my replies into several parts, so there may be a slight delay between your follow ups and my replies. Ergo, until you see me saying "I am ready to be rated," that means I am still working with you and we have not finished yet.
Expert:  Ely replied 2 years ago.
I am sorry to hear about this situation. In FL, under Florida Fla. Stat. Ann. §222.21, both IRA and ROTH IRA are exempt, meaning that they should not be able to touch it. The same is true in PA actually under 42 PA. Cons. Stat. §8124.I hope this helps and clarifies. Gentle Reminder: Use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how I get credit for my time with you. Rating my answer the bottom two faces/stars or failing to submit the rating does not give me credit and reflects poorly on me, even if my answer is correct.. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith.

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