negotiating short sales
If I start to negotiate a short sale on my house can my retirement (403b, IRA) be touched?
I know that banks look at your assets when negotiating short sales, but are retirement accounts included. Is there a way to hide that money or any money? I am drowning under my mortgage, but I don’t want foreclosure and bankruptsy. I owe 556,000 combined two mortgages and I still can’t sell my house at 540,000. It was appraised at 640, 000 at the beginning of the summer, but there is too much inventory and too few buyers. HELP!!!
No, it can’t be touched. However, they can go after a deficiency judgement against you if they feel that you have the funds. Plus, I don’t think they can find out about your 401k. It’s not disclosed on any public records nor is it in your credit.
Call your lender and tell them that you no longer can afford your mortgage and see if they can restructure the note or refinance you to a loan with a smaller payment.
If you’re in Southern California, contact me and I’ll see what I can do for you. I specialize in pre-foreclosures and short sales. I can see if I can sell your house for you first within a month and if that fails, I can do the short sale for you and bring in a cash buyer so that the second lender will accept the short sale. I’ll even see if I can waive the deficiency judgement as well.
Regards
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