Posted on: 05th Oct, 2010 07:23 pm
If my house is forclosed in PA can the Bank sieze my bank account, 401k plan and my car if my house does not sell enough to cover the outstanding loan
Hi marlamaples,
The bank will not be able to come after your retirement funds in order to recover the balance amount after the property is sold off. However, the bank can come after your savings/checking account and your other assets in order to recover his dues.
Thanks
The bank will not be able to come after your retirement funds in order to recover the balance amount after the property is sold off. However, the bank can come after your savings/checking account and your other assets in order to recover his dues.
Thanks
If you take out a mortgage on the property, you must repay. If you are unable to pay the mortgage, lenders exclude tax collection. If you can not repay the loan as a result, the lender will not close the property free and clear and clean.