On 21/07/2010 6:03 PM, Larry wrote:
bpuharic wrote:
On Tue, 20 Jul 2010 19:06:17 -0400, wrote:

bpuharic wrote:
On Tue, 20 Jul 2010 05:03:58 -0400, "Charles C."
wrote:

if, however, you're a baby boomer, well that's a different story


CC

So, in other words, I should be screaming and bitching about the
"loss" of
money that I never earned or had. I see. Starting to understand how
the
left thinks.

go ahead and try to get a loan using your 401K as collateral

see what happens


CC

When would any lender accept a 401K account as collateral?
since it's a standard part of a loan applcation. that's when

been renting all your life, i see

I'm going to try to guess what you meant to say...

Loan applications usually are interested in liquid assets. 401K accounts
don't count. I ralize they can be liquidated but loan officers aren't
interested in that.

Even if you can't touch a 401k in bankruptcy, a healthy for your age
401k or IRA balance shows your not a fly by night loser. That is, if
you were 50 and didn't have a 401k/IRA, I would count that against you
big time.

--

Government has liberals, idealists and lawyers, but where is the common
sense?

Canuck57 wrote:
On 21/07/2010 6:03 PM, Larry wrote:
bpuharic wrote:
On Tue, 20 Jul 2010 19:06:17 -0400, wrote:

bpuharic wrote:
On Tue, 20 Jul 2010 05:03:58 -0400, "Charles C."
wrote:

if, however, you're a baby boomer, well that's a different story


CC

So, in other words, I should be screaming and bitching about the
"loss" of
money that I never earned or had. I see. Starting to understand how
the
left thinks.

go ahead and try to get a loan using your 401K as collateral

see what happens


CC

When would any lender accept a 401K account as collateral?
since it's a standard part of a loan applcation. that's when

been renting all your life, i see

I'm going to try to guess what you meant to say...

Loan applications usually are interested in liquid assets. 401K accounts
don't count. I ralize they can be liquidated but loan officers aren't
interested in that.

Even if you can't touch a 401k in bankruptcy, a healthy for your age
401k or IRA balance shows your not a fly by night loser. That is, if
you were 50 and didn't have a 401k/IRA, I would count that against you
big time.

The only long-term debt I have is my home and I refinanced it in the
past 12 months. They specifically excluded retirement money as declared
assets and they didn't even ask for reference purposes. 4.125%! I took
5 years off and dropped my payment by over $400/month. It cost me less
than $1000 for closing costs.