Legal Question in Credit and Debt Law in Massachusetts

financial implication

I own a condo with my adult son. My wife is not on the mortgage. I also own a house with my wife. My oincome includes Ma state employee disability pension and SSDI. I own nothing else. My son works two jobs and owns a car. If we walk away from the condo can the mortgage co. go after my pension, SSDI, or the house that I own with my wife? What about my son?


Asked on 3/09/09, 6:52 pm

2 Answers from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: financial implication

You should contact an attorney and seek a short sale.

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Answered on 3/10/09, 7:11 pm
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: financial implication

Pursuant TO 42 USC 407, Social Security benefits are exempt from levy, garnishment, and assignment- 42 USC 407(a) states. "In general the right of any future payments under this sub chapter shall not be Transferable or assignable....and none of the moneys paid or payable or rights existing under this subchapter shall be subject to execution, levey, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law".

This means that even if a creditor or debt attorney, collection agency has a judgement against you they can't garnish your SS payments. Please feel free to contact my office for a free initial consult based upon the facts of your specific situation.;)

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Answered on 3/20/09, 9:18 pm


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