“On a short sale, will the bank go after the seller for the retirement account?”
Answer:
Short Answer, almost never. Retirement accounts are a protected asset class. At least not until you start withdrawing from those accounts. Once it gets withdrawn, of course, the money you withdraw is ordinary income. They can’t get at the retirement account. Also, did you know that you can put investment properties into retirement accounts? So, if someones retirement plans includes a few rentals and they are now having to do a short sale its probably smart to move those units into the safe retirement accounts.
Great Question!
Tim
Tags: asset class, dejong, harris real estate university, is my retirement savings safe in a foreclosure, money, retirement account, retirement accounts, retirment accounts in foreclosure, sherry, short answer, tim and julie harris
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