annuities and disability

[gmdiesel]

I live in fl. I have an annuity thru a former employer which is now
bankrupt. They put my 401k in an annuity which is now held by genworth fin.
My wife died of cancer in 2008. I became disabled last year and am on ss disability, i have an adult son who is severely handicapped
whom i take care of he is also on ss disabilty. Do to these events
my household income has decreased by 75% causeing me to be in
foreclosure on my home.
I contacted genworth fin. To see if i could access the annuity
trhu a hardship or disabilty claim. I was told there is provision
for any type of early withdrawal in the contract.
To my knowledge there is no one representing the company i worked for that i may contact.
Does anyone know if there is any way around this contract. That
i may save my home. I am working with hud to try to get a loan mod but have had no success i present time.
Any advise or help would be greatly appreciated
thanks

 

[ShyCat]

If there are no provisions for a hardship or disability withdrawal, there is no way around that. The plan administrator MUST follow the rules of the plan.

 

[Betty]

Agree with ShyCat. The "contract" must be followed. Sorry.

 

[justalayman]

have you checked into borrowing against your fund? Be very careful as there are companies out there that "buy" your annuity or 401 for very little money.

I don't know if it is available to you or not or if it would help you. Just tossing it out there as a possibility that might help. Not knowing how long before you are eligible to withdraw your annuity or start taking payments. I was just thinking maybe the borrowing against it may give you the time you need.

 

[Dandy Don]

So talk to someone at Genworth again to find out how much you would get if you decided to cash it in and how much the penalty is for cashing it in early, so you can decide whether that is something you would want to do or not. Also find out what your income tax obligation would be.