QUESTION
Regarding a home mortgage foreclosure deficiency, is an annuity protected. I'm 85 and this is my entire retirement nest-egg ... only $125k.
Asked on Oct 30th, 2020 on Foreclosures - Florida
More details to this question:
I'm 85 years old and live in Kansas and I'm considering co-signing on a home mortgage for my son who lives in Florida. Although he has sufficient income to afford the house, his credit is bad. I would like to protect some of my financial assets (only about $125k) in the case of foreclosure deficiency (even though I believe this scenario is unlikely). I'm reading (online research) that annuities are protected by Florida statute. Can you please confirm or provide insight. Its also important to know if my situation is covered by Florida statute or Kansas. FYI, the mortgage company is also based in Florida. Thank you very much! Bruce
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
The answer is NO. Just..NO. The entire purpose of you being a surety to co-sign is the back expecting YOU to be collectable. If you are not they will not likely accept you anyways and the fastes way to destroy a family relationship is over such issues. If your adult son has crappy credit its because he stiff all the other creditors in the past to get there - and you are likely next on the list.
Answered on Nov 02nd, 2020 at 6:42 AM
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