You would be best served to meet with someone who specializes in your area and knows your state laws to help find the best solution for you. From my perspective, a foreclosure is a last resort - In CA where I work a short sale is often a much better solution. So, you should meet with someone who can assess your situation and determine if there will be any recourse and how best to settle up with the lender.
Send me an e-mail with your City and State and I'll get you a Certified Distressed Property Expert or another person who will be completely knowledgeable with your local laws.
Submitted by Not a RE scammer. - 02/16/2010 - 3:01pm
Retirement savings in a 401(k) or ERISA compliant account is protected from judgements,
including foreclosure and bankruptcy.
Please check with an appropriate legal consultant regarding IRAs (possibly bankruptcy attorney).
If you live in a state which allow deficiency judgements,
then lender can go after money not in such retirement
accounts.
Note that if you decide to do a short sale,
the lender must accept it, the sale process will be slowed, and any deficiency between the sale price and the loan (the amount forgiven) will be considered *income* by the IRS.
Comments
Jennifer -
You would be best served to meet with someone who specializes in your area and knows your state laws to help find the best solution for you. From my perspective, a foreclosure is a last resort - In CA where I work a short sale is often a much better solution. So, you should meet with someone who can assess your situation and determine if there will be any recourse and how best to settle up with the lender.
Send me an e-mail with your City and State and I'll get you a Certified Distressed Property Expert or another person who will be completely knowledgeable with your local laws.
BOB, MBA, CDPE
bob@inspiragroup.com
Retirement savings in a 401(k) or ERISA compliant account is protected from judgements,
including foreclosure and bankruptcy.
Please check with an appropriate legal consultant regarding IRAs (possibly bankruptcy attorney).
If you live in a state which allow deficiency judgements,
then lender can go after money not in such retirement
accounts.
Note that if you decide to do a short sale,
the lender must accept it, the sale process will be slowed, and any deficiency between the sale price and the loan (the amount forgiven) will be considered *income* by the IRS.
All people deserve good life and personal loans or just sba loan will make it better. Just because people's freedom is grounded on money state.
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