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.
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.