Hardship withdrawal

[simba]

Can I get a hardship withdrawal from my 401K to prevent "eviction" from my primary residence if that residence is an extended stay motel? This is my primary and only residence. i have been living in motels for 4+ years, since I lost my home during cancer treatment as an uninsured patient. If so, what should the plan be willing to accept as proof as i will have no formal eviction notice? But believe me, if my weekly rate is not paid by noon on my due date, i will be evicted from the property. This request is not made lightly. I am trying to save for retirement in 10 years at 62 as my health will not allow me to work forever, and i have been making catchup payments. but this is an emergency.

[Griswold]

Does the plan allow for loans? You'd probably have to take a loan from the plan first.

[Lou S.]

I would think that would qualify. Have you tried contacting the Plan Administrator with your question?

They should be able to give you a definitive answer about whether this would be allowed and what documentation would be required.

[simba]

No loans are allowed. And the Plan customer service told me that would not be allowed; that i must have an eviction notice. I'm trying to understand whether i should call back and ask to speak to someone else.

[BG5150]

Would it be difficult to get something in writing from the motel stating that?

[simba]

What i have is my receipt listing several months of payments and my current check out date.

[simba]

But asking a local motel clerk to compose a letter on company letterhead is not going to be well received.

[simba]

Long term residents are the dirty little secret in the motel industry. This is a $2300/month (on weekly rate room) that often rents for $100/night. It is a national chain hotel. And there are residents who live here full time due to their inability to get qualified for other lodging. We have jobs, money and no credit. They are happy to take my $1000 every couple of weeks. Yet even if you have "lived" somewhere for years, come noon on your check out date and you will be asked to vacate the property like any other nightly renter. So yes, a company letter from local hotel or nation chain office would be tricky to get, especially in this short time frame.