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Will a deed in lieu of foreclosure impact your other assets such as a 401K account?
Wiki User
∙ 10y ago
his is a difficult one to answer, so I will answer the portion I am familiar with. If you deed-in-lieu it will save you from a foreclosure. However, they usually show up on the credit report as a "settled less than paid for" I would try to work out a deal with your bank to "not report it" Secondly, you have to be prepared for a bank sending you a 1099 for phantom income tax.
Generally speaking, 401K's seem to be safe harbor. Other investments might be touchable in a legal action. The best advice is to check with an attorney.
Wiki User
∙ 10y ago
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Can money market be seized in foreclosure?
Not in the forclosure, but if the foreclosure doesn't pay off the entire accumulated debt, then they can go after other assets, like the money market.
What is the impact of a foreclosure on your credit score?
Foreclosure and FICO The total impact of a foreclosure on ones credit report is estimated to be between 200-300 points. The foreclosure itself accounts for 125 -175 points and the late payments that led up to the foreclosure account for the remaining point deductions. Ironically, the higher your score was to start with the more points will generally be deducted. After several years (2-3) your credit score will have rebounded substantially as long as other payments are maintained. You can expect anywhere from a 50-100 points penalty remaining on the report at this point.
Is a junior valid after foreclosure?
A junior lien is no longer valid as against the property after a foreclosure. However, the creditor can still go after the debtor and any other assets they may have to try to get the debt paid.
If you have a joint account with a person that is sued can they come after your other accounts?
No. They can only go after the assets of the person that is being sued. If you have a joint account with that person that is part of the other person's assets. Any account that is just in your name is safe as you are not the person being sued.
How does foreclosure impact my credit score?
Foreclosure can have a drastic effect on your credit score. Your credit rating decreases with missed payments on your home, as well as other bills. In addition, the foreclosure itself can lower your score by over 100 points. In addition, a foreclosure can stay on your record for seven to ten years. Forclosure can and will have a very negative impact on your credit score. This is an unfortunate by product of the recent economic crisis.
What assets are likely to be assessed closest to market value?
· Cash and near-cash · Account receivables · Other current assets · Marketable securities
Will a bank come after you financially for a foreclosure?
Foreclosure takes care of your loan with the bank, so unless you owe more than your home is worth, you shouldn't have to worry about them coming after your other assets. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
What does TTEE mean?
TTEE is an abbreviation for "trustee." The trustee on a trust or on a other deposit account controls the assets in the trust or the funds in the account.
What is fiduciary fund?
A fiduciary fund is used to account for funds or assets that are held in trust by the government. These funds or assets are held for individuals or other entities.
Can other properties be affected by foreclosure?
That depends on whether or not you owe more than your home is worth. I f so, your lender may go after other assets to compensate your their loss. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
What is the AJE to release temporarily restricted net assets?
The AJE (Adjusting Journal Entry) to release temporarily restricted net assets involves debiting the temporarily restricted net assets account and crediting the unrestricted net assets account. This adjustment is made when the restriction on the funds has been met, allowing them to be used for general operations or other unrestricted purposes.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
