In a foreclosure of rental property, can the mortgage company take my SS and pension from my bank account?

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In a foreclosure of rental property, can the mortgage company take my SS and pension from my bank account?

Or personal property like the mobile home I live or 10 year old car?

Asked on September 14, 2012 under Real Estate Law, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

In the event of a foreclosure of your renatl property, your personal assets such as bank accounts would be subject to a levy by the judgment debtor. However, your social security and pension checks would not so long as they are not commingled with your bank accounts.

Your mobile home could be subject to a levy, but your 10 year old car if worth less than $8,000 would not.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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