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dizzy01 · Joined: 04 Nov 2010 Posts: 1 1.00 Dollars($)

We withdrew from our 401k (hardship) for a down payment. the mortgage app is in progress. the home inspection results are such that this house is unacceptable to us. the sellers disclosure seems deceptive and even if major repairs are made, we are concerned there is more wrong considering the deception in the sellers disclosure. I know we will be out of our deposit on the house, but can we stop the mortgage process and not continue with the purchase? then too theres the question of the 401K money. It cannot be returned to the account, can it be used to pay off credit cards and other loans and the remainder be saved?

smithsussane · Posted: Thu Nov 04, 2010 10:32 pm Post subject:

Hi dizzy!

Welcome to forums!

You can stop the mortgage process if you haven't closed the mortgage yet and discontinue with the buying of the property. You can use the 401k money to pay off your credit card debts. I don't think there will be an issue with that.

Feel free to ask if you've further queries.

Sussane

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we took a hardship withdraw from 401k for down payment on house. the home inspection results are unacceptable. mortgage app is in process. can we get out of this?

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