+- Twitist Forums (http://twitist.com)
+-- Forum: General Social Media & Marketing Forums (/forum-8.html)
+--- Forum: Social Marketing (/forum-10.html)
+--- Thread: In PA, if your property is foreclosed, can ones' pension or social security be garnished? (/thread-7855.html)
In PA, if your property is foreclosed, can ones' pension or social security be garnished? - roert - 10-13-2012 12:17 AM
Ex: mortgaged property is twice the fair market value. Can you give the deed back to the bank and walk away clear.
- zeuz - 10-13-2012 12:25 AM
Pensions (if they are ERISA plans -- and most are) cannot be garnished.
Social Security cannot be garnished.
- Jss - 10-13-2012 12:25 AM
When the property is foreclosed, bank will cancel your debt, and send you 1099-C.
Debt cancellation must be reported as income in case on recourse loan and it is not an income in case of non-recourse loan.