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Hi - Anyone Having Trouble accessing a 401K Distribution? & Mortgage Payment delays?

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    Hi - Anyone Having Trouble accessing a 401K Distribution? & Mortgage Payment delays?

    Hi everyone, hope you are all safe in your respective hometowns. There are no words for what the world is facing today and I feel awful asking this question but we are in a financial jam........

    We are trying to get cash from our 401K/annuity plan to pay for our tax bill - but the office is closed and everyone is working remotely so I am unsure if they will be able to process our request as of this week no response from the entity holding our retirement fund.

    Also, is anyone thinking of not paying their mortgage given the potential of a 60 day forebearance the government is discussing. Given that we filed BK and have been discharged, I would assume the bank would foreclose on us much more quickly than someone who is not just our of BK. Thoughts?

    Thanks and be safe all.

    Faith

    #2
    The financial markets and financial climate is palpable. There's no telling what programs, assistance, or restrictions that will be in place after we get back to "normal" -- whatever that is. I suspect that any bank receiving stimulus money (stabilization money) would have restrictions put on them. You're in NY so you know that your governor wants the banks to put the deferred (abated) payments onto the end of the loan. That still yields a thousand questions including, but not limited to whether or not those deferred payments incur interest over the remaining life of the loan?

    The powers-that-be will likely need to pass a bunch of legislation, methinks, in order to codify all of these different mitigation steps that they have taken.

    But, that's just me.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.

    Comment


      #3
      Faith527, a few years ago I switched from the world of automotive engineering into the new(ish) field of Conversational AI and am now working with one of the largest 401K management firms in the country. From an insider's perspective, earlier this week all employees and contractors were all ordered to work from home for the indefinite future (folks in technology started working from home early last week as a pilot); in the case of my company at least, we had plenty of business continuity planning foresight and are well situated to a WFH model. Yes, there have been a few kinks getting enough bandwidth via our VPNs to support the load, but we've already spun up two new VPN sites and as of yesterday morning, were "business as usual" for the entire company of 20,000+ employees and contractors.

      Long story short, I imagine all financial institutions here in the U.S. are not far behind us.
      Latent car nut.

      Comment


        #4
        justbroke - thanks - you expressed my thoughts exactly. I am sure the bank would be serving a notice if we are late but I was curious what others were thinking in regards to the matter of mortgage payments. I will just go on as we have but the idea of having 2 months of payments would alleviate the need to take a distribution and tide us over. In any event, I am SOOOO grateful that our judge DENIED our mortgage reaffirmation!

        shipo Thanks for the reply! Your timing is excellent - they called me 2 hours ago and said they will be able to process my request - I only have to PDF forms to them next week, phew, I hate using email to do all of this but my credit sucks so no one will be stealing my credit ID - they are welcome to it lol.

        Seriously, I hope you are all staying safe and healthy. I cannot even watch any more news about it, I am getting an anxiety sickness over it, far greater than the BK process anxiety. You are both awesome for taking the time to give me some feedback - much appreciated!
        Faith

        Comment


          #5
          Faith527 - you just cant decide not to pay your mortgage. It's really for people who don't have the money due to the current situation. It was discussed at today's task force update today - if you are having a financial difficulty you need to contact your lender. It's not an option for everyone - just for people that have financial difficulties due to be being laid off from their job.
          P.S. - I hope you are doing well and staying as healthy as possible.
          Filed Chapter 13 - 07/20/12
          Discharged 8/2/16

          Comment


            #6
            sophieanne yes, you can't just stop. We will sort it out somehow - got our first Unemployment link for "reduced" work hours (0 hours). One day at a time. All the best and please stay healthy all.
            Faith
            (keeping the faith).

            Comment


              #7
              Faith527 - I’m sorry, I didn’t realize your job had been effected by the virus. Have you contacted your attorney for advice? I hope they will come up with a plan to help those in chapter 13.
              Filed Chapter 13 - 07/20/12
              Discharged 8/2/16

              Comment


                #8
                Originally posted by sophieanne View Post
                Faith527 - you just cant decide not to pay your mortgage.
                I did back in December of 2018. Of course the mortgage servicer materially breached the contract something like 16 times and refused to correct it. I'm relying on the first breach rule in my state to cover my butt and if all else fails, they'll get arrearanges in a chapter 13.

                Comment

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