Share post
Share
Debt Consolidation Forums Getting a loan or mortgage and avoid foreclosure forums

Underwater and unemployed - What to do

Date: Wed, 05/04/2011 00:46
member profile picture

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?




Unless your lender approves a short sale, you won't be able to sell off the property. If the lender approves your short sale and the property is sold off, you'll be liable for paying the deficient balance resulting from the sale of the property. However, the lender may not be able to garnish the amount that is in your 401k account. Retirement income or pension accounts are exempt from garnishment.

Sub: #1 posted on Wed, 05/04/2011 - 02:42

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )

Dont touch your 4011k.

I would walk away from it....if they come after you, file bankruptcy.

Sub: #2 posted on Wed, 05/04/2011 - 03:09

SOAPLADY SOAPLADY
Moderators Cum Industry Expert
(Posts: 17272 | Credits: )

Attachment
More information
  • Files must be less than 500 MB.
  • Allowed file types: txt pdf jpg jpeg png.


DebtConsolidationCare (IAPDA member)
Inter Next Technologies, Inc., Internet Marketing Services, Reno, NV
Connect With Us
About Us | Contact Us | Privacy Policy
Copyright © 2018 DebtConsolidationCare | 301 W. 11th Street Unit E, Reno, NV, 89503, United States
* Disclosures:
  1. 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.
  2. Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
  3. Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
  4. 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.
  5. The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.
Page loaded in 0.732 seconds.