On 21/07/2010 6:59 PM, bpuharic wrote:
On Wed, 21 Jul 2010 20:03:06 -0400, wrote:

bpuharic wrote:
On Tue, 20 Jul 2010 19:06:17 -0400, wrote:




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.

401k's are liquid assets if you take a tax penalty

not too bright, are you?

and what makes you think loan officers arent interested in money?


But you would be wholely stupid to do that, taking money out of a
IRA/401k prematurely is about as dumb as it gets. And "rich" people
don't look at dumb things as valid options.

Loan officers job is to take rich peoples money, pay them a dividend,
then multiply it to loan to loaser who will pay for the privelege of the
loan.

Want to be rich, just means you have to do what it takes to be on the
right end of that transaction. Save money and loan it to people who
will pay it abck with interest.

Didn't even read the rule about debt I sent you the other day? Guess
you like being miserable and stupid.


--

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