ESOP Hardship

[CAA4U]

I was terminated after 15 years of employment and I'm 100% vested in an ESOP with a current balance of 120k.I'm currently in default on my mortgage and in forclosure.I was told there is a clause in place saying I can not receive my funds for 5 years.Is it possible to do a hardship?

 

[Betty3]

That would depend on the summary plan description. Some, if you terminated employment, you can take a distribution based on your termination but if you are under 59.5 you pay a 10% early withdrawal penalty plus pay income tax on the amount that is taken out.