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-   -   Recently Open IRA (https://www.askmehelpdesk.com/showthread.php?t=253221)

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

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