taking a loan from 401K to pay for house repairs and maintenance ok???
My house is in desparate need for siding, we have mildew and water damage, some of the current siding (cedar) is bulging and coming loose, birds made nests in I think what they call the soffets that had come loose and are hanging down some. 
There is a lot of repair work included in the quotes we received. We have a great quote from a company who will make the repairs and do the siding at a reasonable cost, but it was my intention to take a loan from my 401K to pay for it since I couldn't finance it anyway, before we decided to file Ch 13.
Since it would save my house from further damage, and protecting its value, would this be acceptable. We have paid $100 to atty so far, and will be paying toward the up front fees along the way, but will not be filing until the end of Oct. this year, another 90 days. The loan would be for about $3500 and be repaid through payroll deductions. I should be able to come up with the additional $1000 I need by the time the job is done. I don't want to do anything wrong, but this has been put off for so long, the damage is just going to continue.
Can anyone provide input on this? Thanks
There is a lot of repair work included in the quotes we received. We have a great quote from a company who will make the repairs and do the siding at a reasonable cost, but it was my intention to take a loan from my 401K to pay for it since I couldn't finance it anyway, before we decided to file Ch 13. Since it would save my house from further damage, and protecting its value, would this be acceptable. We have paid $100 to atty so far, and will be paying toward the up front fees along the way, but will not be filing until the end of Oct. this year, another 90 days. The loan would be for about $3500 and be repaid through payroll deductions. I should be able to come up with the additional $1000 I need by the time the job is done. I don't want to do anything wrong, but this has been put off for so long, the damage is just going to continue.
Can anyone provide input on this? Thanks
