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what is a "letter of good faith" - home purchase with 401k withdrawal

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M

magandapakwan

Guest
What is the name of your state? california
i'm not sure of this stuff so i'll explain what you may know as if you don't know(?). i'm taking a hardship withdrawal from my 401k. in order for me to do this i must already have an outstanding loan from my 401k. due to miscommunication, my company took longer than i expected in sending the forms. i now have 2 more payments before my loan is paid off...preventing my withdrawal. anyway, nothing will be processed if the forms are incomplete or incorrect. i don't know what a "letter of good faith" is. i have asked about it and searched the internet, but haven't been able to find out what it means-in relation to 401k withdrawal for home purchase. any help is greatly appreciated. also, if i run out of time on my loan, is it possible to take out another loan to open the door(giving more time) for another opportunity at following through with the home purchase? thanks for your time,
-giovanni
 


HomeGuru

Senior Member
magandapakwan said:
What is the name of your state? california
i'm not sure of this stuff so i'll explain what you may know as if you don't know(?). i'm taking a hardship withdrawal from my 401k. in order for me to do this i must already have an outstanding loan from my 401k. due to miscommunication, my company took longer than i expected in sending the forms. i now have 2 more payments before my loan is paid off...preventing my withdrawal. anyway, nothing will be processed if the forms are incomplete or incorrect. i don't know what a "letter of good faith" is. i have asked about it and searched the internet, but haven't been able to find out what it means-in relation to 401k withdrawal for home purchase. any help is greatly appreciated. also, if i run out of time on my loan, is it possible to take out another loan to open the door(giving more time) for another opportunity at following through with the home purchase? thanks for your time,
-giovanni

**A: why are you asking us rather than the 401 K servicing company that is requiring the letter? Ask what the letter is, what is it for, the language that they need in the letter etc.
 

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