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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
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Experience:  JA Mentor
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If I pay my mortgage every 2 months can a bank foreclose or

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If I pay my mortgage every 2 months can a bank foreclose or not except payment?I do not like the fact that I cannot opt out of my 401k plan I know its is a scam just to feed the stock market so fund managers get a fresh supply of funds to skim one of the ways to take money out is to have a hardship withdrawal,I have to wait for a 90 day letter and then send it to the 401k plan and get the money and then sent the payment to the works out to paying about every 2 months.I also have had my loan modified about 4 years ago,I live in new york state.I can afford to pay so that is not the issue.So can they do anything because of late payments,also is there a legal way to opt out of a 401k plan,I am in a electrical union and have been told that it is not possible.

My name is XXXXX XXXXX I'd be happy to answer your questions today.

A bank can foreclose at any time that a person is behind on mortgage payments. That includes making partial payments or paying every other month. That doesn't necessarily mean they will, but it is possible. It may be better to discuss modifying the loan in advance to protect your credit, rather than wait to see if the bank chooses to foreclose.

The terms of 401(k) plans are set by the employers. If your employment contract states that employees are not allowed to opt out, since that is something that you agreed to when you accepted the job and joined the union, unfortunately, you would not be able to opt out.

Also be aware that if you are not 59 1/2, hardship withdrawals are charged a 10% penalty in addition to income taxes. That would be charged on each withdrawal.

If you have any questions or concerns about what I've written, please reply so that I may address them. It's important to me that you are 100% satisfied with the service I provide. Otherwise, please rate my service positively so that I get credit for answering your question. Thank you.
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