I need about $20k to get us through a layoff-home equity loan?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.

Top of page 3, OP talks about her kids having special needs. Whether that be mental health or physical, you’re splitting hairs in an attempt to bash her.

This. Look, I'm sure OP has regrets with the mortgage but that's not helpful now. But, it could be a helpful life lesson for the rest of us to be as conservative as possible because you never know what life will throw at you. OP, I hope some previous suggestions helped and that you find a new job soon. But I'd also be prepared for it taking longer than you think- my friend ended up being unemployed for a year when they were laid off. In their case they only had one in daycare but were hesitant to give up their spot because it's hard to get back. So they pushed through and managed to cover mortgage, bills, and daycare on her DH's salary but there was very little left after that and they definitely had racked up credit card debt when it was all said and done.

Their house price was 800k on a HHI that was at least 250k, likely more. It's just worth 1.5m now. I doubt OP is regretting it. They just have a temporary cash crunch due to layoff plus other circumstances. No need to catastrophize.

The OP was a disaster before the relities of life smacked her.

Bought a "fixer" that was in forclosure and needed a ton of work. Clearly she didn't have the resources for that.
Home was 800K, she says she has 700K in equity. She put no money down.
Given her track record, I bet she has grossly overestimated the value since she says she could only rent a room for $500/mo. This is clearly not a hot city any longer.
no bank is going to give her a HELOC

Her only option is to sell this albarross. She needs to rent. If rooms only rent in her community for $500/mo then this is a LCOL area and she can walk away with her 600K and rethink her poor decisions in a rental while she gets back on her feet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The time to get a line of credit on your house is when you are still employed.

It doesn't help OP but it is a good takeaway to get that set up, in case.

Her husband is employed as a professor.

Would they be approved for a home equity line on DH's salary alone? It seems they can't really make the mortgage on his salary, so how could he make payments for a home equity loan on top of that? I would imagine these are things the bank would be looking it in deciding whether to give the line or not.

I think so. He makes 120k and they have at least 750k in equity in their house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The time to get a line of credit on your house is when you are still employed.

It doesn't help OP but it is a good takeaway to get that set up, in case.

Her husband is employed as a professor.

Would they be approved for a home equity line on DH's salary alone? It seems they can't really make the mortgage on his salary, so how could he make payments for a home equity loan on top of that? I would imagine these are things the bank would be looking it in deciding whether to give the line or not.

I think so. He makes 120k and they have at least 750k in equity in their house.

Not a chance in HELL an underwriter would approve this HELOC. You still have to go through underwriting and prove you have a healthy DTI. OPs statement was "In theory, he could cover the mortgage though if we just didn’t pay other things." This scenario leaves no room for the HELOC payment and certainly way above any sort of standard DTI threshold.

Her options are really simple. Find a job, borrlw from family/friends, or sell the house. If she does not find a job soon then the bank will make that choice easy for her.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.

Top of page 3, OP talks about her kids having special needs. Whether that be mental health or physical, you’re splitting hairs in an attempt to bash her.

This. Look, I'm sure OP has regrets with the mortgage but that's not helpful now. But, it could be a helpful life lesson for the rest of us to be as conservative as possible because you never know what life will throw at you. OP, I hope some previous suggestions helped and that you find a new job soon. But I'd also be prepared for it taking longer than you think- my friend ended up being unemployed for a year when they were laid off. In their case they only had one in daycare but were hesitant to give up their spot because it's hard to get back. So they pushed through and managed to cover mortgage, bills, and daycare on her DH's salary but there was very little left after that and they definitely had racked up credit card debt when it was all said and done.

Their house price was 800k on a HHI that was at least 250k, likely more. It's just worth 1.5m now. I doubt OP is regretting it. They just have a temporary cash crunch due to layoff plus other circumstances. No need to catastrophize.

The OP was a disaster before the relities of life smacked her.

Bought a "fixer" that was in forclosure and needed a ton of work. Clearly she didn't have the resources for that.
Home was 800K, she says she has 700K in equity. She put no money down.
Given her track record, I bet she has grossly overestimated the value since she says she could only rent a room for $500/mo. This is clearly not a hot city any longer.
no bank is going to give her a HELOC

Her only option is to sell this albarross. She needs to rent. If rooms only rent in her community for $500/mo then this is a LCOL area and she can walk away with her 600K and rethink her poor decisions in a rental while she gets back on her feet.

When you put it this way, I kinda agree. Even when their HHI was 250k, that had to be an awful lot of their take home pay going to the mortgage alone, and with the high needs kids probably very little for the renovations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.

"Small" is subjective. OP never said how old they are. I know people that call 13 year olds "little boys" and 22 year old women "young girls."

They are in daycare.

The word OP used was "childcare" which could include after school care up to age 11 or so.
But even young children can have mental health needs.

OP herself in the 5th post on page 1 called them "small children." GIVE IT UP.

Op here. I’ll get a severance but it will only be about $5-6k.

We don’t live in DC, I’ve looked into renting a room but we’d only be able to get $500-700 and it’s just not worth it to me with having small children.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.

$1k per month can cover food and utilities.

Sell stuff to come up with daycare payments for at least a month or two.

Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.

It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.

So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.

I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.

I’ve been very critical of OP (still am) but it doesn’t sound like $1000k will even make a tiny dent in her shortfall.

Sure it will. $1000 here, $1000 there .. it all adds up.

And every $1000 you earn somehow is $1000 less you need to borrow, right?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.

$1k per month can cover food and utilities.

Sell stuff to come up with daycare payments for at least a month or two.

Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.

It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.

So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.

I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.

I’ve been very critical of OP (still am) but it doesn’t sound like $1000k will even make a tiny dent in her shortfall.

Sure it will. $1000 here, $1000 there .. it all adds up.

And every $1000 you earn somehow is $1000 less you need to borrow, right?

You have multiple thousands of dollars worth of sellable junk in your house? I don't.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.

"Small" is subjective. OP never said how old they are. I know people that call 13 year olds "little boys" and 22 year old women "young girls."

They are in daycare.

The word OP used was "childcare" which could include after school care up to age 11 or so.
But even young children can have mental health needs.

OP herself in the 5th post on page 1 called them "small children." GIVE IT UP.

Op here. I’ll get a severance but it will only be about $5-6k.

We don’t live in DC, I’ve looked into renting a room but we’d only be able to get $500-700 and it’s just not worth it to me with having small children.

AGAIN, "Small Children" is subjective. Some people call 12 year olds "small children."
You failed to make the point you thought you were making. GIVE IT UP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.

$1k per month can cover food and utilities.

Sell stuff to come up with daycare payments for at least a month or two.

Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.

It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.

So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.

I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.

I’ve been very critical of OP (still am) but it doesn’t sound like $1000k will even make a tiny dent in her shortfall.

Sure it will. $1000 here, $1000 there .. it all adds up.

And every $1000 you earn somehow is $1000 less you need to borrow, right?

You have multiple thousands of dollars worth of sellable junk in your house? I don't.

DP

You have no jewelry? Not even a wedding ring? No sterling silver flatware? No nice shoes? Nice handbag?
Your kids don't have any video game devices? No tools?
I bet you have a lot "sellable junk" in your house, it just depends on whether or not you're willing to sell it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.

"Small" is subjective. OP never said how old they are. I know people that call 13 year olds "little boys" and 22 year old women "young girls."

They are in daycare.

The word OP used was "childcare" which could include after school care up to age 11 or so.
But even young children can have mental health needs.

OP herself in the 5th post on page 1 called them "small children." GIVE IT UP.

Op here. I’ll get a severance but it will only be about $5-6k.

We don’t live in DC, I’ve looked into renting a room but we’d only be able to get $500-700 and it’s just not worth it to me with having small children.

AGAIN, "Small Children" is subjective. Some people call 12 year olds "small children."
You failed to make the point you thought you were making. GIVE IT UP.

No one calls a 12 year old a "small child." My 12 year literally babysits other "small children."

[Anonymous]

The "small child" side show needs to stop. Stop your stupid side bar argument that means nothing.

OP needs income now. Now. Now. Get a job. Not in January. Now. I'm sure that low interest rate seems like such a great thing, but it's handcuffing you to this home you CANNOT AFFORD. Again, doing the math...OP claims the house is worth $1.5 (which I doubt), she bought it for $800K and has $700K in equity (800+700=1.5M). THEY PUT NO (or very little) MONEY DOWN! Which means they are also paying PMI. And taxes. And insurance. They need to sell, cash out, and rent (staff university housing?) and regroup.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To all the people suggesting side gigs — how much are you thinking OP will clear with these gigs? Not a lot. She needs $20k. Earning $1k per month isn’t going to make much of a dent in that.

$1k per month can cover food and utilities.

Sell stuff to come up with daycare payments for at least a month or two.

Didn't they already sell the second car? When folks recommend to sell stuff I wonder what they have lying around the house that will bring in anything worthwhile.

It depends. It's a pain to resell stuff but if you aren't employed and the kids are in daycare, you do have some time in between job interviews and such.

So yeah, you can list old baby clothes and toys, furniture, sports equipment, that exercise bikeyou don't use; boots or shoes in good condition, electronics, patio furniture or yard work supplies, a pet crate, storage and organization stuff, musical instruments. Anything you aren't actively using, or anything you could live without needing to replace down the line is a good start.

I declutter stuff all the time by taking it to a thrift store; I could resell it but it isn't worth my time. But if you are unemployed it could be worth your time. Many people could earn at least $1000 this way.

I’ve been very critical of OP (still am) but it doesn’t sound like $1000k will even make a tiny dent in her shortfall.

Sure it will. $1000 here, $1000 there .. it all adds up.

And every $1000 you earn somehow is $1000 less you need to borrow, right?

You have multiple thousands of dollars worth of sellable junk in your house? I don't.

DP

You have no jewelry? Not even a wedding ring? No sterling silver flatware? No nice shoes? Nice handbag?
Your kids don't have any video game devices? No tools?
I bet you have a lot "sellable junk" in your house, it just depends on whether or not you're willing to sell it.

Of the things you listed I have wedding rings and a nintendo switch and my husband has some random tools. Thankfully unlike OP we have plenty of savings, even if we went to zero income for a year.

[Anonymous]

Anonymous wrote:The "small child" side show needs to stop. Stop your stupid side bar argument that means nothing.

OP needs income now. Now. Now. Get a job. Not in January. Now. I'm sure that low interest rate seems like such a great thing, but it's handcuffing you to this home you CANNOT AFFORD. Again, doing the math...OP claims the house is worth $1.5 (which I doubt), she bought it for $800K and has $700K in equity (800+700=1.5M). THEY PUT NO (or very little) MONEY DOWN! Which means they are also paying PMI. And taxes. And insurance. They need to sell, cash out, and rent (staff university housing?) and regroup.

It's not your place to tell other people what they can and can't discuss.

"Small child" means different things to different people. If OP's "small children" are infants, I wish she would come back and tell us that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The "small child" side show needs to stop. Stop your stupid side bar argument that means nothing.

OP needs income now. Now. Now. Get a job. Not in January. Now. I'm sure that low interest rate seems like such a great thing, but it's handcuffing you to this home you CANNOT AFFORD. Again, doing the math...OP claims the house is worth $1.5 (which I doubt), she bought it for $800K and has $700K in equity (800+700=1.5M). THEY PUT NO (or very little) MONEY DOWN! Which means they are also paying PMI. And taxes. And insurance. They need to sell, cash out, and rent (staff university housing?) and regroup.

It's not your place to tell other people what they can and can't discuss.

"Small child" means different things to different people. If OP's "small children" are infants, I wish she would come back and tell us that.

Ugh. You're like a dog with a bone.

[Anonymous]

OP, Sorry you’re getting beat up here. I posted earlier about my similar experience. Let us know if we can help in any other way. Do you have any stocks you could sell?