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    PHATZ's Avatar
    PHATZ Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 25, 2007, 05:33 PM
    Borrowing against 401K
    My wife and I are in dire need of the money in her 401k. I have been out of work and we are getting close to the point of foreclosure. The problem is we have already borrowed a portion of the money this year and are not to allowed to do so again for another year. Is there another way of getting more money out without having to pay back what we have already borrowed? I have heard something about a hardship withdrawal. Does this apply?

    Regards,

    PHATZ
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 25, 2007, 05:36 PM
    Talk to your plan admin, they can tell you whether you qualify for a hardship withdrawal.
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