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Using 401k money to save house?
Posted on 1/27/14 at 5:58 pm
Posted on 1/27/14 at 5:58 pm
I drove by a house today which had a "Short Sale" sign posted in the front yard.
2 cars parked in the drive... I said to myself "That has to be embarrassing" and sad.
Which made me think if I were to lose my job and I ended up getting behind on house payments wouldn't I start accessing my retirement savings before losing my house /credit/pride etc?
This has probably been discussed in years past, but has the government considered a provision allowing a person to borrow against their 401 k or other retirement monies with out penalty to make house payments?
2 cars parked in the drive... I said to myself "That has to be embarrassing" and sad.
Which made me think if I were to lose my job and I ended up getting behind on house payments wouldn't I start accessing my retirement savings before losing my house /credit/pride etc?
This has probably been discussed in years past, but has the government considered a provision allowing a person to borrow against their 401 k or other retirement monies with out penalty to make house payments?
4
Posted on 1/27/14 at 5:59 pm to ApexTiger
quote:Even with an upside down mortgage? That's what a short sale is.
if I were to lose my job and I ended up getting behind on house payments wouldn't I start accessing my retirement savings before losing my house /credit/pride etc?
Posted on 1/27/14 at 6:00 pm to ApexTiger
quote:I'm pretty sure that is already allowed.
This has probably been discussed in years past, but has the government considered a provision allowing a person to borrow against their 401 k or other retirement monies with out penalty to make house payments?
Posted on 1/27/14 at 6:01 pm to ApexTiger
Pretty sure this has been discussed on the money talk board. 
Posted on 1/27/14 at 6:02 pm to ApexTiger
I suppose if you withdrew for that purpose to make a couple house note payments, you'd have to pay Fed taxes on it but at least get the Mortgage Interest deduction.
Personally, if I was in that shape with my line of work being unstable, I'd probably try to get out and get a home with cheaper note, at least until I can get better financial footing under me.
I admit. Definitely sad and happens to good people. Not just those who are irresponsible with their money.
Personally, if I was in that shape with my line of work being unstable, I'd probably try to get out and get a home with cheaper note, at least until I can get better financial footing under me.
I admit. Definitely sad and happens to good people. Not just those who are irresponsible with their money.
Posted on 1/27/14 at 6:05 pm to LSURussian
quote:
Even with an upside down mortgage? That's what a short sale is.
Not always, but bottom line it's done as last resort before foreclosure.
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