When so many aspects of life are going wrong, it’s certainly understandable to seek normalcy.
The action plan you’ve described so far will go a long way in making your recovery easier. Yes, I know you’re not in the recovery stage yet. You’re still in the heat of the fight. But making the right decisions now will make picking up the pieces easier.
I’m going to make the assumption you’ve already cut your discretionary spending as much as you can. And you’ve already done your best to maximize your household income by taking a job, continuing to look for a job which pays more consistent with your skillset, and by considering the utility of a second job. All of these efforts are clearly meant to lessen the damage which this period of time will inflict. Which now brings us to your mortgage payment and your retirement nest egg.
If you haven’t already, call your mortgage company and let them know what’s going on. If you happen to have an FHA mortgage, you can seek mortgage relief with a 180 day reprieve, and if for some reasons you’re not back on your feet at the end of that period, you can seek a second 180 day reprieve. This simply eliminates your obligation to make a mortgage payment for six months to a year.
It’s vital you talk to your mortgage company before you take any action with your retirement funds. You wouldn’t want to compromise your long-term stability if you don’t have to. Now, I have some good news for you. The CARES Act allows you withdrawal up to $100,000 from retirement funds without penalty. If this provision didn’t exist, you’d owe a 10% penalty on whatever you choose to withdraw.
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