Can a mortgage company collect by attaching a pension and/or social security benefits in a deficiency lawsuit?

My elderly father is going into foreclosure. He was a civil servant in another state for the police.

Asked on January 28, 2013 under Bankruptcy Law, Massachusetts


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor


Retirement benefits - such as the ones your father has: a pension and social security benefits - are generally protected from judgements.  What you need to do is to go to his bank in which the proceeds are deposited and ask about the documentation they need to list the account and the proceeds in it as "exempt."  There may also be paperwork that your state has available that you can file with the creditor listing the exempt proceeds.  If at all possible try and see if you can have the bank waive the deficiency and do a deed in lieu of foreclosure.  Good luck.  


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