PJ2009 Posted March 5, 2009 Posted March 5, 2009 Can costs associated with the refinancing of a primary residence be taken as a hardship under a 401(k) plan if the participant is otherwise eligible for a hardship and the refinancing is not needed to prevent a foreclosure? I don't believe so, but was wondering if any recent guidance had come out to help participants even if they are not in financial distress. Thank you. pj
J Simmons Posted March 5, 2009 Posted March 5, 2009 It doesn't fit the hardship safe harbor categories. If your not using the hardship safe harbor categories, is refinancing a house where mortgage foreclosure is not at issue a hardship? I doubt it. John Simmons johnsimmonslaw@gmail.com Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.
PJ2009 Posted March 5, 2009 Author Posted March 5, 2009 It doesn't fit the hardship safe harbor categories.If your not using the hardship safe harbor categories, is refinancing a house where mortgage foreclosure is not at issue a hardship? I doubt it. Thank you, John. Those were my thoughts as well. Thank you. pj
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