Foreclosure in Waterford>Question Details

Renepopour, Home Buyer in Waterford Township, MI

Can the bank take my 401K or IRA for a second mortgage with a short sale or foreclosure?

Asked by Renepopour, Waterford Township, MI Mon May 21, 2012

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I am certified in distress homes, p,ease feel free to contact me at anytime and I can help get you the answers to your questions. There are many options when it comes to foreclosures, I will be happy to discuss the different options
0 votes Thank Flag Link Thu Oct 25, 2012
PLEASE HELP!! Just divorced in fl, house starting foreclosure, did all name change social, drivers, etc and when I went to do it on my credit card they found out about the house and closed my card immediately even though I was making all payments on time Can they do thay?
0 votes Thank Flag Link Mon Oct 15, 2012
401K, trust funds, traditional, rollover IRA's are off limits with a bankruptcy, foreclosure, or a short sale. Michigan has a judicial foreclosure method and those are the rules here. Let me know if you ave any other questions and I'd be happy to help you. Have a Great Day!

Best Regards,
Mike Stawizky
(248) 980-4406

Keller Williams Realty
Find your home:
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0 votes Thank Flag Link Mon May 21, 2012
Maybe, if this is an investment you can do a self-directed IRA.
0 votes Thank Flag Link Mon May 21, 2012
I agree with Margaret, it is a legal question that we as realtors cannot answer but you have to be in a hardship situation to either short sale or do a foreclosure.
0 votes Thank Flag Link Mon May 21, 2012
This is an attorney question but from what I know "NO"
0 votes Thank Flag Link Mon May 21, 2012
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