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In PA, if your property is foreclosed, can ones' pension or social security be garnished?
10-13-2012, 12:17 AM
Post: #1
roert Offline
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In PA, if your property is foreclosed, can ones' pension or social security be garnished?
Ex: mortgaged property is twice the fair market value. Can you give the deed back to the bank and walk away clear.
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10-13-2012, 12:25 AM
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zeuz Offline
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Pensions (if they are ERISA plans -- and most are) cannot be garnished.

Social Security cannot be garnished.
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10-13-2012, 12:25 AM
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Jss Offline
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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.
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