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I got laid off from Oil/Gas industry a year ago and want to know if I can take a hardship loan from 401K w/ no pentalty?

We have a piece of property that we have been trying to sell, but it hasn't sold. The land costs us an additional $1200/month on top of our current home mortgage. While we are only on one income now, it is killing us to have to pay this each month. We have 6 children and with the oil & gas industry in a horrible state, I won't be able to get a decent job for several years. I was hoping to be able to pay off the mortgage or at least get some money to help offset the costs of the payment until we can get the land sold.

May 27, 2016 by lauren in  |  Flag
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