I have recently gotten a letter in the mail on a 401k loan I defaulted on over 15 years ago. Apparently the company managing the 401k never finished foreclosing on the loan after my employment was terminated. The account is being held in escrow and has accrued some interest over this time frame.
The income was reported on my tax return back when the company sent me the 1099 for the income derived from the original default.
in the time frame between now and the termination of employment I did file for bankruptcy.
My question is: Can they still foreclose on this loan after 15 plus years or can I calm the principal held in escrow on this account ?
