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I have a property i bought through my 401k the property is…

Customer Question
I have a property...

I have a property i bought through my 401k the property is going to foreclosure for back taxes i was offered 8000 but i owe 48000 if i sell can they come back on me for the 40000

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

Michigan

Lawyer's Assistant: Has any paperwork been filed?

Just got a letter from tax people stating will be sold for nack tax in march 2018

Submitted: 7 months ago.Category: Real Estate Law
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12/7/2017
Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Real Estate Law
Satisfied Customers: 13,471
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only

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Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago

I'm sorry to hear about your situation. Unfortunately, if your home is sold, and there are back taxes owed, those back taxes will still be owed by you. Unless you can get enough $ to pay for the taxes as well, you'll still owe them. What other questions did you have for me?

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Customer reply replied 7 months ago
What about the loan of 40,000 can they come after me for the loan since the money was from my 401k
Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago

Ok, so if the 401k was a loan, then the 401k company that is servicing the loan will still be owed that money. Are you still working for the employer that provided the 401k coverage?

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Real Estate Lawyer: Legal Eagle, Lawyer replied 7 months ago

Hello, it’s been awhile since we connected so I wanted to check in with you to see if you had any further before you rated. If you have any other questions or if there is anything else I can assist you with today. Please reply here and let me know.

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