View Full Version : Recently Open IRA
lupe01
Aug 26, 2008, 10:35 AM
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?
ScottGem
Aug 26, 2008, 11:26 AM
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.
lupe01
Aug 26, 2008, 11:35 AM
Yes it is for foreclosure. So I would need to show the bank the foreclosure papers right. Hopefully the penalties are not big.
ScottGem
Aug 26, 2008, 11:36 AM
Do a search on IRA hardship withdrawals. You will find the rules and penalties
lupe01
Aug 26, 2008, 11:39 AM
Yes it helped a lot thanks.