How long did it take to get your payoff paperwork? When we paid off our mortgage in 2015 it took months to get the paper. We asked our hometown bank what the holdup was and the president said he guessed they weren't used to processing payoffs.
Once I got the money from them and into my bank, I had a teller who knew me well and she made me a certified bank draft and had all the information to the bank that held my mortgage. I think it was processed and sent to me in less than 2 weeks. That was in 2009. Things move slower nowadays.
I paid my 30% taxes for early withdrawal so it was mine to do with what I wanted. I was not returning to the manufacturing plant once they downsized because they were merely going to 'hire' new workers at a lower pay scale. So I got to spend mine which I paid off my home with. Also we could borrow from it for mortgage payments while we were employed there but I would have had to paid it back in. But like I said, I was then unemployed and so it became mine to do with what I wished.
How long did it take to get your payoff paperwork? When we paid off our mortgage in 2015 it took months to get the paper. We asked our hometown bank what the holdup was and the president said he guessed they weren't used to processing payoffs.
Once I got the money from them and into my bank, I had a teller who knew me well and she made me a certified bank draft and had all the information to the bank that held my mortgage. I think it was processed and sent to me in less than 2 weeks. That was in 2009. Things move slower nowadays.
I thought if you cashed out your 401k it had to go into another qualified vehicle. If not you get fined.
I paid my 30% taxes for early withdrawal so it was mine to do with what I wanted. I was not returning to the manufacturing plant once they downsized because they were merely going to 'hire' new workers at a lower pay scale. So I got to spend mine which I paid off my home with. Also we could borrow from it for mortgage payments while we were employed there but I would have had to paid it back in. But like I said, I was then unemployed and so it became mine to do with what I wished.