Absolutely.
If your former employer is willing to maintain your 401K account, there is no reason, in this age of email, webcoms and long-distance phone calls, why you cannot continue to maintain from your home country.
If your former employer is unwilling to maintain the account, roll it over to a rollover IRA in a brokerage house like Charles Schwab or Fidelity and they will be more than happy to maintain the account, regardless of where you live.
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