Legal Question in Real Estate Law in Maryland

I am facing possible forclosure to due to being laid off after 16 years with same company. I have since secured another job, but at $50k less (was making $105K now $55k) than I was making and the bank refuses to work with me to adjust my mortgage etc. I have lived here 9 years and banked with this bank for over 26 years! The bank keeps looking at my 401k as a potential source of income to provide them money for the house. If the bank forecloses, can they go after my 401k retirement account for any money? I am a single parent and this is my primary residence.


Asked on 8/26/09, 1:37 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Your 401k would be exempt from any effort to collect any deficiency.

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Answered on 9/05/09, 10:52 pm


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