Can a mortgage company try to take the funds in my retirement fund after they foreclosed on my home? 1 Answers as of August 03, 2011

Can a mortgage company get money from a person's retirement plan after they have foreclosed on their property

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
The Law Offices of Mark Wm. Hofgard, Esq.
The Law Offices of Mark Wm. Hofgard, Esq. | Mark Hofgard
After the lender forecloses, the question is: was the sale of the home less than the full amount of the debt? If so, a deficiency is taken and the lender may pursue your assets, subject to exemptions, for satisfaction of the deficiency. Among these exemptions is: Property, including funds, held in or payable from any pension or retirement plan or deferred compensation plan, including those in which the debtor has received benefits or payments, has the present right to receive benefits or payments, or has the right to receive benefits or payments in the future and including pensions or plans which qualify under the federal Employee Retirement Income Security Act of 1974, as amended, as an employee pension benefit plan, as defined in 29 U.S.C. sec. 1002, any individual retirement account, as defined in 26 U.S.C. sec. 408, any Roth individual retirement account, as defined in 26 U.S.C. sec. 408A, and any plan, as defined in 26 U.S.C. sec. 401, and as these plans may be amended from time to time; Colo. Rev. Stat. Ann. 13-54-102 (West)
Answer Applies to: Colorado
Replied: 8/3/2011
Click to View More Answers: