Nevermind. Found it**
- Thread starter BullochDawg
- Start date
Never had anybody ask me that question....
not a mortgage expert but I had checked into refinancing my house. But the big question I was asked constantly was how much equity I had in the house.
That 401K thing sounds weird....could they actually force you to pull your 401K in the instance of foreclosure?
not a mortgage expert but I had checked into refinancing my house. But the big question I was asked constantly was how much equity I had in the house.
That 401K thing sounds weird....could they actually force you to pull your 401K in the instance of foreclosure?
They would have to have a judgement against you before they could attach
funds in a retirement account. There are plenty more out there that will not ask you that. I did mine several years back through AgSouth. Was a piece of cake. Remember, new ones will run a credit report on you again which will drop your score a little.
funds in a retirement account. There are plenty more out there that will not ask you that. I did mine several years back through AgSouth. Was a piece of cake. Remember, new ones will run a credit report on you again which will drop your score a little.
Read something that said they now use it to determine "total cash reserves"
They count like 50% to add to your total cash available.
They're getting crazy nowadays. Even worse than when I bought my lake house a couple of years ago
They count like 50% to add to your total cash available.
They're getting crazy nowadays. Even worse than when I bought my lake house a couple of years ago
Like TyTy said, it's not touchable in a bankruptcy. I just wanted to make
Sure they weren't trying to trick me into putting it up as collateral or something.
Sure they weren't trying to trick me into putting it up as collateral or something.
Re: Read something that said they now use it to determine "total cash reserves"
When bought my lake house. They wanted to know what a very large deposit to my bank account was for. Told them it was from selling another house recently.
Then they came back and wanted to know why the deposit was like $270 more than what I made on the sale of the home. I told the lady, "What does it matter? I had an extra $270 in my pocket and threw that in there too"
It was really a refund from the insurance on the house I sold, but they really pissed me off.
When bought my lake house. They wanted to know what a very large deposit to my bank account was for. Told them it was from selling another house recently.
Then they came back and wanted to know why the deposit was like $270 more than what I made on the sale of the home. I told the lady, "What does it matter? I had an extra $270 in my pocket and threw that in there too"
It was really a refund from the insurance on the house I sold, but they really pissed me off.
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