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  1. #1

    Exclamation What A Judge Can Rule Against A Senior Citizen

    My question involves collection proceedings in the State of: Florida

    Recently my husband, who is a senior citizen which his income is soley based on pension and social security. Has been summoned to court by a third party that purchased the credit card debt. We have been through numerous happenings, between health on both of us, employment layoff on my part. With that we got behind with everything. We tried to sell our home to pay off the debt of credit cards we had, it didn't sell after 6 months on the market. We then refinanced the home and was able to pay off some of our debt but then the mortgage payment increased and put us behind more not being able to pay the credit card companies that were still owed. Mind you this one particular company refused to negotiate with us when we refinanced in order to a settlement or even to catch up, and threatened court. So now they sold the account to this third party which is now taking him to court.
    We are now so far behind with everything that his vehicle might be repossed if its not sold in the next 30 days, we are trying to do a short sale on our home before it forecloses. We have no real high dollar assets for them to take from us. Along with as I said he is a retiree, senior citizen. What can he do other then showing that our health wasn't up to pair and my employment ended to not win our case, we admit fault that we need to pay this debt, we just can't do it with the income we have and be able to keep a roof over our heads and food on the table.
    What possibly will the judge rule, can they put him in jail? I did find out they can't garnish his social security or his pension but they can make it hard for us when the moneys are direct deposited and freeze our account and bring him back into court to show they can't do that to that moneys since it comes from SS and pension. Please help me however you can as to what we can do. Thank you
    Hopeless Roadstar

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: What A Judge Can Rule Against A Senior Citizen

    I am sorry to hear about your problems. Yes you are correct, you can not go to jail and your social security is safe.

    Just a thought though. Have you thought about a reverse mortgage? It will give you money upfront to clear up all your debts and your back payments on the car and on the house.

    If you take a reverse mortgage you can live in your home for the rest of your life and not have to worry about financial problems.

    Please let us know if you considered this option. I hope everything works out for you. PLEASE keep us advised.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: What A Judge Can Rule Against A Senior Citizen

    A reverse mortgage pulls out equity. Since the idea of a short sale of their home was raised, it appears that they have negative equity.

  4. #4

    Default Re: What A Judge Can Rule Against A Senior Citizen

    we are doing a short sale because there is no equity left on the home to do another mortgage. I have never heard of a reverse mortgage, but here is the other dilema its a mobile home so not many will refinance it with the amount needed to get us out of this hole.

  5. #5
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: What A Judge Can Rule Against A Senior Citizen

    You may want to consider a bankruptcy. It will discharge your judgments, debts (non credit card related) and discharge any shortage of your mortgage after foreclosure.

    A bankruptcy will still of course let you keep your retirement income like social security and SSI.

    With the debts discharged (thrown out) you will be able to sleep at night and enjoy the rest of your life. It is just a thought, but I really do not see any other way out based on what you posted.

    Best of luck, and again, keep us informed

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