If I forclosed on my home, can the bank go after my 401k?

Can the bank go after my 401K or any assets attained after the forclosure?

Not the 401k (that safe) but the bank can take you to court on the balance. They can go after your bank accounts, garnish your wages.....etc. However, 1st they need to take you to court and win.

NO
ANY RETIREMENT FUND IS PROTECTED UNDER FEDERAL LAW - IRS CAN NOT TOUCH IT TOO

im not sure ive never owned a home or had a y2k thingy so good luck-asak a professional

if it was collateral on the loan they can... otherwise it is safe.

call them to try to rewrite the loan and get better terms, i did and save about $500/month. did it over the phone, took ten minutes.

no they cant lean against a retirement or any thing under finaced terms ......because your 401k is an investment and fluctuates the courts have no way of telling how much you have or earn or would even be available at any given time....keep in mind your investments botttom up so does your 401k........skipper

sure but what would a bank do with $4.01 ? i guess some kinda monthly fee

No. The foreclosure is forfeiture of your contract with the bank concerning your house. Other assets are not up for discussion until you file bankruptcy. At that point, it's not the bank you're dealing with it's a bankruptcy judge.

Why foreclose? There are a number of other alternatives that don't give your credit rating such a dreadful black eye. The most expedient is to sell the house for what it'll take to pay off the mortgage. Another is to work with the bank on some kind of minimum payment that forestalls further action.

No. The only collateral on your loan is your house. The bank can only get what they can sell your house for. Of course if they sell the house for more than the loan, the difference is yours. If the house sells for less than the loan, that's the bank's tough luck.

I believe so if you submitted it as part of your earnings in order to get the loan, or as collateral of some sort. Not uite so sure, but I know that questions like these have help lines that are being offered locally. you might want to check your local news stations' web sites, most around where I live have links to these. Because there's so many going on right now and it's a crisis in which alot of people are in, there's a hotline for questions in regards to the "mortgage crisis of America', with actual qualified people to answer with legitimate answers and knowledge, that can help you in many different ways and help guide you thru to others links/places/organizations that may be able to assist you and help.

Your 401(k) should be safe unless it was somehow "collateral." Of course, once you start collecting from the 401(k) that money is NOT protected against a judgement either.

Can future assets be garnished in a judgement? Of course it's possible. If there is a shortfall in what you owe, as there likely will be, then you can have a deficiency judgement entered against you.

"An in-court foreclosure is called a judicial foreclosure, another form of a lawsuit. The in-court foreclosure laws vary a great deal from state to state; therefore, an attorney is crucial in this process. The in-court foreclosure allows you to institute a lawsuit calling the entire note due (accelerating the note) and requesting a court ordered sale of the property to satisfy the note. Usually, bringing the payments current is not enough to stop the foreclosure and, therefore, the entire note must be paid off. Judicial foreclosure is the only type of foreclosure available in some states.

Another form of judicial foreclosure permits you to call the note due, taking both the property to satisfy your debt and, also, gaining a Deficiency Judgment against the payor. The Deficiency Judgment demands that, if you do not get all your money from the foreclosure sale of the property, the rest of the debt should be paid by the payor. In essence, this type of judgment lets you sell the property to satisfy part of the note and obligates the payor to pay the difference. Sometimes, a Deficiency Judgment is only allowable on certain types of properties, and often is not allowed for personal residence foreclosures."

http://www.eskimo.com/~lorelei/defaults....

BTW, the TYPE of foreclosure DOES matter. In case you're in California, here's something that helps draw it out more clearly:
"Foreclosure Quick Facts
Both Judicial foreclosures and Non-Judicial foreclosures are available in the state of California.
From start to finish, a foreclosure can take more than 120 days to complete (and in many cases they take longer
Deficiency Judgements are allowed
Judicial Foreclosure


The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. This is uncommon with most commercially available real estate loans and most likely would be found when there is a private party lending the money to purchase or finance real property. Generally, once the court declares a foreclosure, the property will be auctioned off to the highest bidder.



Using this type of foreclosure process, lenders may seek a deficiency judgement in an attempt to recoup some of their losses. Under certain circumstances, the borrower may have up to one (1) year to redeem the property.

Non-Judicial Foreclosure


The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. This is uncommon in most other states where there is no "third party" that can execute the sale upon default by the borrower.

Power of Sale Foreclosure Guidelines


If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:



A notice of sale must be:

Recorded in the county where the property is located at least fourteen (14) days prior to the sale
Mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale
Posted on the property itself at least twenty (20) days before the sale
Posted in one (1) public place in the county where the property is to be sold


The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction.



The borrower has up until five days before the foreclosure sale to cure the default and stop the process.



The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale.



Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption."
http://realestate4huntingtonbeach.com/fo...

Nope! After a house is foreclosed on you owe the bank nothing. Banks lose the most when a foreclosure occurs. They cannot collect from the borrower and they have to discount the price of the home not to mention the Federal Reserve starts cutting down on the amount of money they can lend. So it is a lose lose situation for a bank. If it was a "short sale" they can almost force you to pay the taxes for their losses but they still cannot touch your assets.

Example of a short sale:

You owed the bank $500,000. for your house.

You sold it in a short sale for $400,000.

The bank can then say you gained $100,000. issue you a 1099 (this is an IRS form saying you gained a certain amount that was not yet taxed) and you will be responsible to include this when you file income taxes.

Not all banks do this but some do. Legislature is trying to have this practice changed.