In CA bought home WellsFargo & refi. w/WellsFargo no seconds Can they go after my retirement on foreclosure
We have to walk from home, will I owe any $$$$$ and can they go after some property I have in AZ bought for 2,500.00????
The only way a lender can get a deficiency judgement in California is through a judicial foreclosure. If they foreclose by trustee sale the slate is wiped clean and they can't go after any other asset you own. Judicial foreclosures are costly and time consuming and I haven't heard of any banks foreclosing by that method.
Brad Davidson
We Help-U-Buy Realty
http://www.wehelpubuy.com
Ljj, cover you situation, and confirm the following with a TAX LAWYER/ADVISOR IMMEDIATELY:
My understanding, regarding in terms of a deficiency judgment after foreclosure, is that the bank may be able to go after personal assets. However, retirement funds are generally protected. Retirement savings in an IRA or through work in a 401(k), 403(b), or similar program, are protected from seizure. However, "retirement funds “invested” in non-IRS sanctioned savings plans are at risk. This is because specifically designated retirement accounts are protected from creditors, while assets simply invested in for the purpose of saving for retirement without the special designation are not protected.
Best, Steve
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