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Asked 2/25/2010
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I'm a full time worker. I have a 401k plan at work. I received a registered letter in the mail yesterday from a law firm stating that the lender of m The registered letter stated the lender on my house mortgage is planning forclosure on my house if I don't pay them almost $10,000. I only have my companies contributions plus the little bit of profit that was made. I haven't been able to contribute to my plan for a few years now. Is there any way I can close my account and get all the money minus taxes plus penalties. Or, can I at least get $10,000 to keep my house? |
Answer 1/1 - Submitted 2/26/2010
That Depends on the plan itself. Most plans hava a hardship withdrawal provision. Foreclosure is a qualified reason for hardship under 401k rules. You would be able, if the plan allows the amount needed to prevent the foreclosure. -- Call the administrator.. whoever sends you statements and ask if hardships are allowed, they will advise what you need to do.
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