Ask Experts Questions for FREE Help !
Ask
    Tower Dog's Avatar
    Tower Dog Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jan 12, 2010, 05:15 PM
    Foreclosure, can my residence be taken, 401 ir IRA be attatched
    Since I have had 10 views and no answers, I thought I would try one more time. I bought a condo in 2007 and have made all payments to this date. I am not behind or in arrears but having been laid off has made it somewhat difficult to continue paying. I tried the "Debt in Lu about a year ago and was told at that time I made too much money to be considered. Since 7/2 of this year past I have not worked and making two mortages is straining my resources to the point of breaking. I can not sell, I can not rent and owe much more than what the property is worth. If I can not get the property into the "Debt in Lu" program, which I am preparing to do then I won't have much choice other than to stop paying on the property. My question is quite simple, if I stop paying can the lender attach my primary residence or my 401K or the wife's IRA
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Jan 12, 2010, 05:35 PM

    If the lender gets a Judgment against you that lender can lien against (and collect against) anything which is legal in your State, including your primary residence.

    Is your wife a party to any of the loans?

    I am concerned because it's debt in LIEU - you apparently entered into something you do not understand. Did you have an Attorney?

    Here is more info - http://www.mortgagefit.com/deed-lieu.html
    Jessamyne's Avatar
    Jessamyne Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Jan 12, 2010, 07:36 PM

    What state are you in? In some states they can only enforce the judgment for a short period then it's tough luck.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #4

    Jan 12, 2010, 07:39 PM

    The time for a Judgment is "usually" 7 to 10 years, renewable once.

    Where did you get your information?
    Tower Dog's Avatar
    Tower Dog Posts: 5, Reputation: 1
    New Member
    		  
    #5

    Jan 13, 2010, 04:20 AM

    This has all taken place in Florida and I have not discussed the situation with consul yet.
    Tower Dog's Avatar
    Tower Dog Posts: 5, Reputation: 1
    New Member
    		  
    #6

    Jan 13, 2010, 04:22 AM
    Forgot... both of us are on the legal paperwork for both houses
    Tower Dog's Avatar
    Tower Dog Posts: 5, Reputation: 1
    New Member
    		  
    #7

    Jan 13, 2010, 05:06 AM

    Also am thinking about just stop paying on the note, no one has commented on the possibility of attatching my 401/IRA or home I live in.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #8

    Jan 13, 2010, 06:34 AM
    Quote Originally Posted by Tower Dog View Post
    Also am thinking about just stop paying on the note, no one has commented on the possibility of attatching my 401/IRA or home I live in.

    You may wish to read what I posted a second time:

    "If the lender gets a Judgment against you that lender can lien against (and collect against) anything which is legal in your State, including your primary residence."
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

401(k)/IRA early withdrawal. [ 2 Answers ]

Hi. My husband had his 401(k) rolled over to an IRA from a previous company he worked for about four years ago. He lost his job with his most recent company in January and has not been able to get anything else yet. I still have my job, but there is not enough to meet everything, even though we...

401 Withdrawal & Transfer to IRA Account [ 6 Answers ]

401k has dropped from 184k to around 100k. I have resigned employment with the company. If I roll over 401k assets to an IRA. Will the lower existing amount be transferred and the loss recognized or can the amount still have a chance to rise to previous higher amounts? If the existing amount...

Need to borrow from my 401 K and withdraw my Ira to purchase a home [ 2 Answers ]

Can anyone tell me if I can do both without having to pay taxes or getting in trouble with Uncle Sams. This is my first property, and I need to come with $25,000 for a down Payment and closing cost. I have $12,000 in IRA, and $28,000 in my 401 K. My 401 K Plan allows me to borrow money up...

Which is safer from the IRS, a 401(k) or an IRA? [ 2 Answers ]

I currently have a sizable tax lien, and I am paying on an installment agreement with the IRS for back taxes. I have around $45,000 in a 401(k) of which I now have the option to rollover into an IRA. The IRS has to-date not tried to seize any funds from my 401(k). If I decide to move the funds...

Early 401 k and then put most back into an IRA. [ 2 Answers ]

Where I had my 401 k, sent me all the money I had in there... A month later I put most of it back in an IRA. How do I do this on my taxes? I know I have to pay a 10% tax penalty.. How do I do this.. Im doing my own taxes online. Help me, Please.

View more questions Search