Job hunting in this economy

[Anonymous]

Definitely don’t sell your house without finding out what options you have for keeping it in your situation even if it continues indefinitely. Lenders have various options to help people experiencing loss of income with mortgage payments from temporary relieve to permanent payment reduction


Regarding the job hunting, yes it is an awful market plus everyone posts their positions on LinkedIn and everyone applies with a click of a button. So AI is definitely filtering those applications. But you can turn it around and enlist AI to help you craft applications that pass the filters. Having a couple of first round interviews is actually a good sign even if they didn’t go further. When you apply look for connections at the company no matter how remote with the hope they can help pull your resume out of the pile and put it in front of the hiring manager. Hang in there.

[Anonymous]

Anonymous wrote:Definitely don’t sell your house without finding out what options you have for keeping it in your situation even if it continues indefinitely. Lenders have various options to help people experiencing loss of income with mortgage payments from temporary relieve to permanent payment reduction


Regarding the job hunting, yes it is an awful market plus everyone posts their positions on LinkedIn and everyone applies with a click of a button. So AI is definitely filtering those applications. But you can turn it around and enlist AI to help you craft applications that pass the filters. Having a couple of first round interviews is actually a good sign even if they didn’t go further. When you apply look for connections at the company no matter how remote with the hope they can help pull your resume out of the pile and put it in front of the hiring manager. Hang in there.

OP here - thanks, yes my spouse is using AI to check his application and help ensure it makes it past the filters and aligns with the job listing, as well as checking for network contacts anywhere he applies. Fingers crossed and sending positive thoughts to anyone else in this situation currently.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Spouse was breadwinner and laid off two months ago. Spends time every morning job hunting, applying. Two first round interviews and nothing further. He has contacted every networking contact he can think of.

He has severance for now but will end soon. Have emergency savings to last awhile, but cannot afford our mortgage for more than a year on single income and will really burn savings in the process. We have two kids. I am just being positive and encouraging with my spouse, but privately, I worry. I know he does too.

Suggestions, words of wisdom?

Sell your house. If you can't afford your mortgage on one income you are living behind your means.

This seems very drastic to sell your house after 2 months of unemployment. Selling a house costs a lot of money.

You move someplace much cheaper, usually further out of the DMV etc.

[Anonymous]

Anonymous wrote:Definitely don’t sell your house without finding out what options you have for keeping it in your situation even if it continues indefinitely. Lenders have various options to help people experiencing loss of income with mortgage payments from temporary relieve to permanent payment reduction


Regarding the job hunting, yes it is an awful market plus everyone posts their positions on LinkedIn and everyone applies with a click of a button. So AI is definitely filtering those applications. But you can turn it around and enlist AI to help you craft applications that pass the filters. Having a couple of first round interviews is actually a good sign even if they didn’t go further. When you apply look for connections at the company no matter how remote with the hope they can help pull your resume out of the pile and put it in front of the hiring manager. Hang in there.

I think you are blowing smoke -- how would that work other than refactoring the loan (ie you have 15 years remaining, and they refactor you to a 30 year loan at a higher rate).

But the worst will be if the housing market drops in unison with his job loss -- and then when you finally sell its a foreclosure or similar.

[Anonymous]

Anonymous wrote:How much does he need to make? We cannot find workers.
At minimum, he should be doing something soon to cover the mortgage.

Let me guess, you’re offering subpar wages and benefits for the position? Because anything decent is getting swamped in applications.

[Anonymous]

Anonymous wrote:How much does he need to make? We cannot find workers.
At minimum, he should be doing something soon to cover the mortgage.

There are no jobs!
What do you not understand about what Republicans are doing?

[Anonymous]

Anonymous wrote:I have advanced degree and decade of experience, and didn't even get past the first round of temp holiday retail jobs :/ I know, I shouldn't assume I'm qualified (I do not have retail experience) but just sharing that he's not along in having a tough time right now...

I'm in a similar boat. NP

[Anonymous]

My teen is a cashier at a grocery store and makes $13.50 an hour. He’s preparing to quit for his winter sport and they will have to replace him. Should I post the store when he does?

[Anonymous]

Anonymous wrote:My teen is a cashier at a grocery store and makes $13.50 an hour. He’s preparing to quit for his winter sport and they will have to replace him. Should I post the store when he does?

In what state is minimum wage 13.50 stil?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Definitely don’t sell your house without finding out what options you have for keeping it in your situation even if it continues indefinitely. Lenders have various options to help people experiencing loss of income with mortgage payments from temporary relieve to permanent payment reduction


Regarding the job hunting, yes it is an awful market plus everyone posts their positions on LinkedIn and everyone applies with a click of a button. So AI is definitely filtering those applications. But you can turn it around and enlist AI to help you craft applications that pass the filters. Having a couple of first round interviews is actually a good sign even if they didn’t go further. When you apply look for connections at the company no matter how remote with the hope they can help pull your resume out of the pile and put it in front of the hiring manager. Hang in there.

I think you are blowing smoke -- how would that work other than refactoring the loan (ie you have 15 years remaining, and they refactor you to a 30 year loan at a higher rate).

But the worst will be if the housing market drops in unison with his job loss -- and then when you finally sell its a foreclosure or similar.

Yes, that is typically how it works, kind of. The first step is to extend the term, which brings the monthly payment down. Why would you think they raise the interest rate at the same time? That would be stupid, no one does that. Quite the opposite, if the term extension is not enough to make the payment affordable they may reduce the interest rate.

[Anonymous]

Anonymous wrote:Spouse was breadwinner and laid off two months ago. Spends time every morning job hunting, applying. Two first round interviews and nothing further. He has contacted every networking contact he can think of.

He has severance for now but will end soon. Have emergency savings to last awhile, but cannot afford our mortgage for more than a year on single income and will really burn savings in the process. We have two kids. I am just being positive and encouraging with my spouse, but privately, I worry. I know he does too.

Suggestions, words of wisdom?

This has happened to both my husband and myself. We have taken low paying PT work to help and by help I am being generous as it pays shit - but, it gets us up, out of the house, meeting new people etc etc. We job search at night. Same as you we have two kids, mortgage, but the health insurance is what is really killing us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Definitely don’t sell your house without finding out what options you have for keeping it in your situation even if it continues indefinitely. Lenders have various options to help people experiencing loss of income with mortgage payments from temporary relieve to permanent payment reduction


Regarding the job hunting, yes it is an awful market plus everyone posts their positions on LinkedIn and everyone applies with a click of a button. So AI is definitely filtering those applications. But you can turn it around and enlist AI to help you craft applications that pass the filters. Having a couple of first round interviews is actually a good sign even if they didn’t go further. When you apply look for connections at the company no matter how remote with the hope they can help pull your resume out of the pile and put it in front of the hiring manager. Hang in there.

I think you are blowing smoke -- how would that work other than refactoring the loan (ie you have 15 years remaining, and they refactor you to a 30 year loan at a higher rate).

But the worst will be if the housing market drops in unison with his job loss -- and then when you finally sell its a foreclosure or similar.

Yes, that is typically how it works, kind of. The first step is to extend the term, which brings the monthly payment down. Why would you think they raise the interest rate at the same time? That would be stupid, no one does that. Quite the opposite, if the term extension is not enough to make the payment affordable they may reduce the interest rate.

They likely have a sub-3% rate, so the bank extending the term is leaving capital tied up when other loans are 7%

[Anonymous]

He's in a field where he may be able to get contracts with nonprofits or businesses so would recommend he also post on linkedin saying he's available for short term contract work. I charge 8-10K per month for contracts and have 3 at a time usually so about 300K per year. Even if he can just get one contract, that would help

[Anonymous]

Anonymous wrote:He's in a field where he may be able to get contracts with nonprofits or businesses so would recommend he also post on linkedin saying he's available for short term contract work. I charge 8-10K per month for contracts and have 3 at a time usually so about 300K per year. Even if he can just get one contract, that would help

If you are pulling in $300k a year and can't manage your mortgage, you have really over extended. Sell your house and then buy a smaller place for cash because unless you are in Kalamora or Manhattan that is very possible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My teen is a cashier at a grocery store and makes $13.50 an hour. He’s preparing to quit for his winter sport and they will have to replace him. Should I post the store when he does?

In what state is minimum wage 13.50 stil?

Virginia