Date: Wed, 05/04/2011 00:46
I am unemployed for last 7 months. I have taken out a mortgage few years back. The total mortgage amount is $451,547. I was making payments on mortgage when I was working. But once I lost my job, I could not make any payments. The present market value of my house is $298,000 and I owe around $345,000. i want to go for short sale but my lender would not approve it. I have some money in a 401(k) account. Can my lender take out all the money from the account? What should I do to get out of this situation?