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Old Aug 26, 2008, 10:35 AM
lupe01
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Recently Open IRA
I recently open an IRA like in March of this year, and I need the money this month in august to pay for my mortgage. Can I withdraw the money?

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Old Aug 26, 2008, 11:26 AM   #2  
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Not unless you need to pay it to forestall a foreclosure. There are provisions for hardship withdrawals from IRAs. But there may be penalties involved.
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Old Aug 26, 2008, 11:35 AM   #3  
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Yes it is for foreclosure. So I would need to show the bank the foreclosure papers right. Hopefully the penalties are not big.
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Old Aug 26, 2008, 11:36 AM   #4  
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Do a search on IRA hardship withdrawals. You will find the rules and penalties
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Old Aug 26, 2008, 11:39 AM   #5  
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yes it helped alot thanks.
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