Posted on: 23rd Feb, 2010 06:36 pm
I have a property in florida, a condo hotel. I'm way upside down on this. I live in Illinois. the bank will do short sale if I sign a unsecured loan for 75% of the balance. I have a 401, other savings besides 401 & other property in Illinois besides my primary residence. What can they come after?[/b]
Hi tfeehan!
Welcome to forums!
The lender will not be able to come after your retirement account if you are unable to pay off the dues. However, if you have a savings account, then the lender would come after it to recover the dues. However, in order to garnish you savings, the lender will have to file a lawsuit and get a judgment against you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will not be able to come after your retirement account if you are unable to pay off the dues. However, if you have a savings account, then the lender would come after it to recover the dues. However, in order to garnish you savings, the lender will have to file a lawsuit and get a judgment against you.
Feel free to ask if you've further queries.
Sussane