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Tagged: LOE, payment shock, Qualification, vacation
I am currently saving for payment shock, I am not on the lease and currently paying my friend my part of the rent via check.
I have been at this for a while and Ive been very responsible, I am planning a vacation in which I will make a LARGE withdrawal probably a couple thousand dollars for this vacation.
This will NOT affect my payment shock as my income is sufficient enough to support my payment shock, bills and this vacation.
My question is, will all I need is a LOE to explain the withdrawal? I want to make sure I dont get setback and not qualified because I can afford the vacation as well as my payment shock.
You definitely will need to write an LOE for the vacation money. I suspect you are over-thinking things a bit or else you might not have asked the question.
It a matter of the basic rules of the program: ALL lump sum withdrawals (and deposits) require an LOE, period.
Have fun on your vacation! After the way things have gone this year, EVERYBODY deserves one!
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