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?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.