Posts Tagged ‘401k’

Will 401k savings be affected in I foreclose on Michigan home?

February 28th, 2012 by Jarad

Question:  My husband and I own a home in Michigan, but my husband has had to accept work in Iowa. I am currently still living in our Michigan home since I don’t see a good way to get out of our home. We have had an interest only loan on it for the 6 years we have owned it and an equity line as well so there has been 0 principal paid off on it. I owe $175,000 on a home that is currently worth about half of that, so I will be unable to sell it for what I owe. I’m not sure what to do. Unfortunately, we don’t make enough money between the both of us to pay for our Michigan home and for my husband to rent a home in Iowa so I’m afraid that my only option may be foreclosure. What I need to know is if I will still be responsible to pay the equity line if the home is foreclosed on and if either bank will be able to take my 401K savings? Also, my husband and I are both listed on the house deed, but the financing on both loans is in my name only. Will my husband be protected or will they be able to come after him for payment as well? Thank you for any advice you can give me.

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