QUESTION
If you file for foreclosure can they go after your IRA's?
Asked on Jan 12th, 2013 on Foreclosures - North Carolina
6 ANSWERS
1 Award
No, only to the extent your IRA exceeds $1,000,000. In California lender can't get a deficiency judgment unless they judicially foreclose, which means they have to file a lawsuit against you to foreclose.
Answered on Jan 24th, 2013 at 1:01 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the state where you live. Look at your state's exemptions.
Answered on Jan 16th, 2013 at 7:44 PM
Not unless they sue you for judicial foreclosure.
Answered on Jan 16th, 2013 at 6:52 PM
Child Custody Attorney serving Milwaukee, WI
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Zales Law Office
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In most residential forcefulness in Wisconsin the bank does not seek a personal judgment against the debtor. So your 401(k) is safe if that is the case. You should have an attorney review the complaint in your case to see what kind of judgment the bank or lender is seeking. Be sure and file a timely Answer. If you do not you lose a lot of leverage in the lawsuit.
Answered on Jan 15th, 2013 at 12:30 PM
Most foreclosures are non judicial and they cannot get a deficiency judgment against you
Answered on Jan 15th, 2013 at 12:30 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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I am assuming you meant if you file bankruptcy. ..and the answer is that IRAs are normally 100 percent protected. If you meant you are facing a foreclosure...then after the foreclosure and if you got sued for a deficiency....then you are also protected
Answered on Jan 15th, 2013 at 12:29 PM