How long does it take for a 401(k) trustee to approve the current offer on a house?
Laura T asked:
We just put an offer on a house, and now just found out that she used her retirement 401(k) for collateral i guess, now it needs to be approved through the trustee. How long does this process take?
We just put an offer on a house, and now just found out that she used her retirement 401(k) for collateral i guess, now it needs to be approved through the trustee. How long does this process take?
I’ve heard of a 401K loan – never heard of using it as collateral.
Are you positive they didn’t do a loan from the 401K to get the down payment?
Goodness – who is buying your house that needs to have a 401K as collateral.
Sorry – but a lender can not come after 401K money in case the new buyer defaults.
A creditor CANNOT come after retirement assets.
(exception – roth)
Something is very wrong here.
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