My house is in forecloser i wondered if it would be smart to withdrawl my 401k?

Joannie
my husband quit his 50 thousand a year job. i left him. i can't afford the house payment. would it be smart to withdrawl my 20000.00 401k and try to refinance

Cathrine
DON'T EVER THINK ABOUT CASHING OUT YOUR 401k. You will owe thousands of dollars in taxes. Plus you need to think about your future. Yeah things seem dark now but just imagine when you get older and it's time to retire. Get a second job while your trying to sell your house. Withdrawing from your 401k is never a option.

Akiko
Honestly no---if you dropped the 15k (you'll lose 5k to taxes) into your house you still won't be able to afford it AND your retirement account will be out 20k. You may be able to refinance but doubtful because of credit issues. It's really better to sell it in this situation.

Rosalia
try to sell your house immediately before you lose it, see if you qualify for the federal foreclosure program, where the govt asks banks to extend loans, or reduce the interest, so homeowners do not lose their homes

Johnna
I would try to sell the house instead in all honesty. If you are still in a major bind, see if you can get a loan from your 401K...never withdraw money..there is a huge penalty.

Chelsea
Withdrawing money from your 401-k early will result in a 10% penalty plus taxes on it if you are not 59 1/2. So, after withdrawing your $20, 000, you will end with with only $10, 000-12, 000.