Posted on: 21st Mar, 2010 09:41 am
i am facing foreclosure on my primary residence in ca as well as my 2 investment properties in houston tx.
is my 401k safe?
what about the money in my savings account and other investments?
thankyou
is my 401k safe?
what about the money in my savings account and other investments?
thankyou
Hi santa,
Your 401K and other retirement accounts, social security income, etc. are exempt from garnishment. Thus, even if your lender pursues deficiency judgment against you, your 401k account will remain safe. However, your savings account and other investments are not safe from judgments. You can claim protection against judgment on your primary residence under your state anti-deficiency laws. But such laws will not protect you against judgments on your investment properties.
Your 401K and other retirement accounts, social security income, etc. are exempt from garnishment. Thus, even if your lender pursues deficiency judgment against you, your 401k account will remain safe. However, your savings account and other investments are not safe from judgments. You can claim protection against judgment on your primary residence under your state anti-deficiency laws. But such laws will not protect you against judgments on your investment properties.
thanks jenkins