Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Borrowing from 401K to save home.

Posted on: 12th Sep, 2008 04:17 pm
Great advice on this forum!
I am very close to end up in foreclosure, I lost my job to layoff and I already contacted help agencies to no avail, e. g. HOPE, VA, credit counseling and so. I am growing desperate and the only help I have is my 401K. Would this be a valid instance where cashing it out to pay late mortgage payments apply?
Hi Abel,

Welcome to forums.

I don't think borrowing from 401k to save your home is a good option because you'll be depleting the finances that you've kept for your retirement years.

What are the help agencies suggesting by the way? I think you should talk to the lender in this regard because he's the person who can help you with a payment plan or forbearance and the like.

Thanks
Posted on: 12th Sep, 2008 10:45 pm
Do not borrow from your 401k to save the house unless you have a large amount of equity and are going to use the 401K to make payments until it's sold.

If little or no equity just let it go, I know it's tough sometimes but don't let a house end up a money pit.
Posted on: 13th Sep, 2008 03:15 am
Page loaded in 0.057 seconds.