Posted on: 27th Oct, 2010 07:35 pm
I am faced with reduced income and will need to work out something with my lender in hopes of staying in my home. Should they not want to work with me i may have to walk. Regardless of what happens i want to know if my 401k is in jeapordy of being taken by my lender?
Hi rttorrens,
The lender cannot take away your retirement income if you are unable to pay off your mortgage or your property goes for a foreclosure. However, he can garnish your wages or your savings account if you do not pay off the mortgage.
Take care.
The lender cannot take away your retirement income if you are unable to pay off your mortgage or your property goes for a foreclosure. However, he can garnish your wages or your savings account if you do not pay off the mortgage.
Take care.