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    spring58's Avatar
    spring58 Posts: 1, Reputation: 1
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    #1

    Aug 12, 2009, 09:57 AM
    401K Withdrawal
    I currently do not have any fund available for withdrawal from my 401K. I am behind on my home mortgage due unexpected expenses for home repairs that could not be covered by homeowner insurance. Can I contact my 401k provider (Fidelity) to see if they will allow me to make a withdrawal even though there are currently no funds available for a hardship withdrawal? Thanks so much.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    Aug 18, 2009, 05:37 AM

    Yes - call Fidelity. By law your 401(k) plan administrator is required to allow you to make a hardship withdrawal for repair of your primary sidence as well as for payments necessary to keep you from being evicted (there are other hardship withdrawal catehgories as well, but they don't apply here). Keep in mind that if you make this withdrawal you will be required to pay income tax and also the 10% early withdrawal penalty on it. Have you looked into taking a loan from your 401(K) instead?
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