OP needs a personal loan. As a professor, her husband should be eligible for the university credit union. I would start with them. |
Stupid comment. |
I would be using credit cards to get through this period. We keep our balances at zero but we would not need to get a loan if we had a cash flow problem because of our high limits. Everything can go on credit cards except your mortgage and childcare--that is a lot of expenses. |
That’s because years ago it was possible. For most worker bees you need two incomes for decent house/schools/commute or one BIG income. |
No, you don't, you have to choose your housing wisely. We got a sh@t shack that is 1000square feet as we wanted to make sure with job loss or another emergency we could afford the house. |
Years ago expectations were lower, maybe? DCUM wants AT LEAST 1000 sqf per person. Must be perfectly up to date with high end flooring, countertops, cabinets, etc. Large yard. Must be with in walking distance of anything and everything, including Great Schools rated 10 schools. Years ago families were thrilled with 1300 sqf for their family of 5. Didn't need the best of the best of everything. |
+1 Might be better than a HELOC. |
I make a really good salary and do Uber/Uber Eats on the side sometimes. You CAN make money in this area and it’s pretty much the most flexible job you can get. However, I can’t speak to other areas. The gig economy is booming. I’m not sure why you would say it’s not worth OP’s time. There’s Instacart, DoorDash, a million options you can get vetted for and start working within a few days and multi-app. |
Plus the professor spouse can tutor |
The husband is a professor so I assume they were taking about him tutoring |
PP here. Exactly. There are a lot of hour in the day that can be maximized working while still applying for jobs, especially with childcare. Babysitting or dog walking for cash is another great one. OP can post on NextDoor/neighborhood pages. I have done those as side work, too. I do a lot of side work because I have the time and like to save money toward house projects, so I know it’s possible. |
A lot of professors in my town operate side businesses that they own. They run their business at their professor office job. This is really commonplace. |
OP, here are your options:
1) HELOC. That will take 30 days or so to close on. That will give you a comfortable financial cushion since you have so much equity. You will likely miss your mortgage payment for November if you take this route. Your rate will probably be 8-10%. The nice thing about this option is that your payment will likely be interest only so the payment amount will be lower than principal and interest. Also, you can use your proceeds from your home equity line to pay your monthly bill, which reduces your need for actual cash. 2) Credit cards. This is the easiest option and immediate. You should call every one of your credit cards and ask them to increase your limit. Then, just pay the minimum. You can use your husband's salary to pay your mortgage and put whatever else on your credit cards. Your rate will probably be 25%+. 3) Personal loan through the bank. Should be able to close in days (inside of a week or less). Interest rate should be 5-10%. You can combine these options together. For instance, you can start out with the credit card option and then when your HELOC closes, you can pay off your credit cards. You can do a combo of #2 and #3 together if you don't want to tap home equity. Sorry to hear about your job loss and hope the above options help you get started in your thinking on how to address your cash crunch. |
^ not OP, but that is such a helpful post. Thanks for writing that up, appreciate it. This is why I read DCUM! |
I wrote that. Thank you! I have benefitted in the past from DCUM and wanted to pay back, so to speak. |