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?
Sub: #1 posted on Wed, 05/04/2011 - 02:42
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I would walk away from it....if they come after you, file bankruptcy.
Sub: #2 posted on Wed, 05/04/2011 - 03:09
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