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Originally Posted by rainedon  Hi, maybe someone can give me some perspecitive on what to do next. The value of my home is $300k than market value. I put 20% down on a 6% 30yr loan. I'm current on my loan with a credit rating of 795. My income has be reduced and things are tight. When i call countrywide/boa.. i don't qualify for any help.. seem to have something to do with that i don't have a fannie or freddie loan... rather a private investor.. which i finally found out was Bank on new york. One of there loan specialist suggested i should liquidate my 401k so i could continue making house payments. I've never defaulted on any payment in my life.. on the other hand i'm not going tolerate getting pushed around by the financial industry... any suggestions? They basically wont' talk to me until i start missng payments.. do i really need to ruin my credit to start the conversation? |
We withdrew from our 401K all last year to stay current while my husband tried to find another job. Where are we now? In pre-foreclosure trying to get a mod and owing the IRS for early withdrawal! Don't listen to those a*holes when they suggest liquidating your 401K! This is taken directly from the HAMP hardship affidavit:
My cash reserves are insufficient to maintain the payment on my mortgage
loan and cover basic living expenses at the same time. Cash reserves
include assets such as cash, savings, money market funds, marketable
stocks or bonds (excluding retirement accounts). Cash reserves do not
include assets that serve as an emergency fund (generally equal to three
times my monthly debt payments). I have provided details below under
“Explanation.” Note that retirement accounts ARE NOT considered a cash reserve and they have no right to touch it! They should not even be allowed to suggest tapping into it in my opinion!