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    lupe01's Avatar
    lupe01 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Aug 26, 2008, 10:35 AM
    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?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    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's Avatar
    lupe01 Posts: 3, Reputation: 1
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    #3

    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Aug 26, 2008, 11:36 AM
    Do a search on IRA hardship withdrawals. You will find the rules and penalties
    lupe01's Avatar
    lupe01 Posts: 3, Reputation: 1
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    #5

    Aug 26, 2008, 11:39 AM
    Yes it helped a lot thanks.
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