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    modeler78's Avatar
    modeler78 Posts: 1, Reputation: 1
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    #1

    Aug 23, 2009, 06:31 PM
    NC law on attachable property in judgement
    I have recently lost my job and can no longer pay for my motorhome. The bank will soon exercise their right to reposses and will seek judgement for remaining balance, expected to be as high as $100,000.00.My home has a reverse mortgagae with two deeds of trust totalling almost twice its value. My cars have liens wieth amounts owed in excess of their value. The only savings and income I have are my retirement and social security. There are no other stocks, bonds, or other monetary instruments .
    I realize the bank will obtain a judgement. My quesetion is whether the savingsve I have from the reetirment are exempt and any disbursements from my 401 that I am required to take as I am over 70.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Aug 24, 2009, 06:32 AM

    Hello m:

    Your Social Security is exempt. Your 401K is NOT. Your savings account is NOT.

    excon
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