Posted on: 29th Sep, 2010 05:19 pm
I have an investment property that isn't selling and I can't rent it out. While I have some money in savings and in my 401k, I have already sunk $65 into this house, and I'm ready to consider foreclosure. I want to know if the bank can go after the money I have in saving or 401k to recuperate their losses.
Hi breedlovechris,
After the foreclosure, the bank will be able to come after your savings if you do not pay off the balance amount resulting from the property sale. However, the bank will not go after your retirement savings.
After the foreclosure, the bank will be able to come after your savings if you do not pay off the balance amount resulting from the property sale. However, the bank will not go after your retirement savings.