liedersinger
New Member
Hello,
I'm an individual on long term disability, collecting income from two sources: Social Security Disability Income and private long term disability income from my former employer. I have a loan on a condo whose teaser rate is set to expire and am anticipating that foreclosure may be a possible outcome in this scenario.
I've two lenders ... I was advised by a housing assistance organization that my SSDI would not be subject to any garnishment if either lender (probably the 2nd deed) tried to seek recourse for any loss in a foreclosure scenario, but there was uncertainty about whether or not my private disability income would be an at-risk asset against which an aggrieved lender might seek legal recourse. I currently do not own any type of major asset, liquid or capital (e.g., other property, savings, stocks & bonds, annuities, etc.), of any kind except my car and ordinary household goods.
Would my private disability income become vulnerable to any legal action by a lender to satisfy a judgement if the lender pursued one in a foreclosure event?
I'm an individual on long term disability, collecting income from two sources: Social Security Disability Income and private long term disability income from my former employer. I have a loan on a condo whose teaser rate is set to expire and am anticipating that foreclosure may be a possible outcome in this scenario.
I've two lenders ... I was advised by a housing assistance organization that my SSDI would not be subject to any garnishment if either lender (probably the 2nd deed) tried to seek recourse for any loss in a foreclosure scenario, but there was uncertainty about whether or not my private disability income would be an at-risk asset against which an aggrieved lender might seek legal recourse. I currently do not own any type of major asset, liquid or capital (e.g., other property, savings, stocks & bonds, annuities, etc.), of any kind except my car and ordinary household goods.
Would my private disability income become vulnerable to any legal action by a lender to satisfy a judgement if the lender pursued one in a foreclosure event?
