IMRF question

[Paul Kukoc]

I have a question, I am in BAD finaicail distress right now, picked up a 2nd job to try to help out, but still drowing....I am 4 months past due on mortage, already filed and discharged from BK....waiting for word on a modification program from WF, but what i want to knwo is there a way to use the approx 45,000 I have in my retirment fund(it is a state one, IMRF) I called and have been told no, but it seems to me that between losing my home and still knowing I have 50,000 plus coming when I quit my job is not that comforting. I understand not being able to take it for vactions, etc...but should you not be able to show a major reason and access a portion of it?.....any ideas? Thanks

[justbroke]

I understand not being able to take it for vactions, etc...but should you not be able to show a major reason and access a portion of it?.....any ideas? Thanks

It is always based on what the "Plan" rules and guidelines are. Not all plans allow "hardship" withdrawals... it's not a right.

Now, your real concern and concentration should be on whether keeping this home is worth it financially. It seems to be causing you many issues and it may just not be worth it.

How much is your home worth and how much do you owe on it. That should help you guide your decision. If you're 4 months behind, and haven't saved a penny of that money, then you have some serious issues that not even a 2nd job may be able to cure.

[Paul Kukoc]

Yea, your right, however I am not upsdie down on this....Home value approx 250,000$(low side) and I owe about 235$...so i would like to get something back out of it...just amrket in our area is BAD

[justbroke]

Yes, the housing market is just terrible, and that's why I ask people to assess the true value of their home. I don't have many suggestions for you. You might be able to save your home in a Chapter 13 Bankruptcy. First, I hope you're in a State that has decent exemptions for your homestead. Second, if you have a decent job, you could catch up on those "arrears" in your mortgage and get back on track.

The downside is, that your Chapter 13, depending on whether your over/under the median, could be a 5 year journey. However, not working a second job may just bring your sanity back and help you with your goals.

Start thinking about this.

[frogger]

I am 4 months past due on mortage, already filed and discharged from BK....

What chapter did you file and when were you discharged?