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

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’d be knocking on target or Walmarts door so fast if I were in this situation and figuring out the loan at the wee hours of the morning. Ain’t no way!

Crazy. OP didn't say her income, but she did say it was over her husband's $120K. Let's say she makes $150K. You really think the best route for someone who is laid off from a $150K job is to run to a $38K job at Target??

Yes, she can work Saturdays, Sundays and the evening shifts. That will allow her to still apply to jobs.

Target is honest work.

Bringing in money is far superior to taking on more debt.

PS. I agree with the other poster about husband getting a second job. Professors work very few hours. He can get a second and third job also.

[Anonymous]

Airbnb your entire house and move out somewhere cheaper temporarily.

My friend does this. She gets over $600 per night.

The family moves out to somewhere cheaper during the airbnb stay.

[Anonymous]

Target is honest work. It’s disgusting that people would rather get themselves into debt or max out credit cards instead of working.you easily could get 20k dog watching too. $50 a dog per day.

I don’t understand why they need childcare.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have a million dollar house and no savings? Start driving uber.

Op here. $1.5 million, but yeah. We had savings but it’s been wiped out in the last few months.

So, you live in a $1.5 million dollar house and living pay check to pay check. Good luck with that. Sell the house and move into something 1/2 that. You are living over your means if one emergency wiped you out.

Op here. I mean, yeah we are house poor. But we bought our house in April 2020, got a screaming deal on it, and it was a fixer upper/foreclosure. Our interest rate is 2.25%. We poured our sweat equity and our hearts into it, our area absolutely exploded (even more than other places-like not even just our city but our specific neighborhood went completely bananas the last 3.5 years). We paid $800k, it’s worth $1.5 mil now.

We want to do whatever we can to hold onto the house because of the interest rate.

The media and social media's narrative of "those lucky low interest rate holder" is faulty and misleading. Regardless of an interest rate held, you can either afford your PTI or you cannot. At this snapshot in time, you cannot afford your house. A few months ago you could, and maybe again when you get a job, but now, you can't. I am not giving you advice as to what to do with your home, that would be presumptuous--I am just stating facts. Being smug about an interest rate means nothing.

Given your low interest rate and the fact that interest rates are rising, the amt you will be able to sell your house for will continually decrease below what you bought your house for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Get a job. Any job. Simple.

+1.
Even working at MCDonalds will get you thus money. And DH can pick up shifts at McDonalds on the weekends too. College professors don't work that many hours.

Find agencies that hire people to take care of the elderly. These jobs are pretty easy.

20K is nothing.

20K is nothing? OP could work a minimum wage job full-time for an entire year and not bring home $20k.

[Anonymous]

I get it on the “can’t lose the childcare spot” challenge. Could you talk to them about dropping down to 2-3 days/week and you use that time to schedule interviews?

I’m assuming you get unemployment benefits?

Agree with calling bank re: unemployment and mortgage forebearance. Do whatever you can to maximize DH’s paycheck, look into pension loan?

What is the actual mortgage payment?

The suggestion of dog boarding/working retail on weekends is a good one.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You have a million dollar house and no savings? Start driving uber.

Op here. $1.5 million, but yeah. We had savings but it’s been wiped out in the last few months.

So, you live in a $1.5 million dollar house and living pay check to pay check. Good luck with that. Sell the house and move into something 1/2 that. You are living over your means if one emergency wiped you out.

Op here. I mean, yeah we are house poor. But we bought our house in April 2020, got a screaming deal on it, and it was a fixer upper/foreclosure. Our interest rate is 2.25%. We poured our sweat equity and our hearts into it, our area absolutely exploded (even more than other places-like not even just our city but our specific neighborhood went completely bananas the last 3.5 years). We paid $800k, it’s worth $1.5 mil now.

We want to do whatever we can to hold onto the house because of the interest rate.

The media and social media's narrative of "those lucky low interest rate holder" is faulty and misleading. Regardless of an interest rate held, you can either afford your PTI or you cannot. At this snapshot in time, you cannot afford your house. A few months ago you could, and maybe again when you get a job, but now, you can't. I am not giving you advice as to what to do with your home, that would be presumptuous--I am just stating facts. Being smug about an interest rate means nothing.

Given your low interest rate and the fact that interest rates are rising, the amt you will be able to sell your house for will continually decrease below what you bought your house for.

NP but your last paragraph makes zero sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can you or DH take a 401k loan or IRA distribution?

DH will get a pension so we can’t borrow against that

My 401k doesn’t allow loans

We don’t have IRAs I don’t think.

Does DH have pay deductions that go to his pension? Maybe he can halt those for a few months.

[Anonymous]

Anonymous wrote:Target is honest work. It’s disgusting that people would rather get themselves into debt or max out credit cards instead of working.you easily could get 20k dog watching too. $50 a dog per day.

I don’t understand why they need childcare.

She explained about special needs kids and being unable to lose the spot. Since she already has childcare the smartest thing would be to work for the interim. Ridiculous that some of you think you are above restaurant work or tutoring.

[Anonymous]

I guess I'm the only one curious how their mandatory expenses are so very high that DH's $120k puts them $10k/month in the red without OP's job. The house was a "screaming deal" and even though childcare is expensive it's not $15k/month. Why do you need so much to make it to December? Lay off the hookers and blow, see if that helps.

[Anonymous]

Just on the picking up an extra job front: In OP's shoes I would not do substitute teaching, McDonald's, or anything else that requires taking a lot of sh*t. Target, Costco, temp work if your coworkers are good, and other jobs are fine. But substituting and fast food really take it out of you. It's hard to job hunt and take care of a special needs kid after spending all day substituting. Also Uber Eats is unlikely to be worth the paycheck unless you really work to optimize it. Tips are unpredictable and it takes gas money and puts miles on your car. People need to be smarter about their side gigs!

[Anonymous]

Can give you a loan?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you don't qualify for any kind of loan (though if you use your house as collateral, maybe that works, then you pray you get a new job by the end of the year?) what about renting your house out since it's in such a good neighborhood. You will probably have to rent it for a year, but if you get 4K for the house and pay 1K for a rental, you'll get out of the hole pretty quickly, and have some runway to get a new job, and get your life back on track. And you'll still own the house with the good mortgage rate.

On what planet do you envision rentals suitable for families are available for $1000/month?

They said where they live is cheap, renting out a room only yields $500. They should be able to get one bedroom for $1000.

[Anonymous]

1) how do you KNOW you will be working in January?

2) on what planet is $1.5M a screaming deal?? Esp when you can’t rent out a room for very much?

3) how special needs. Maybe you need to drop daycare now and switch to nanny when you are working again if they won’t take you back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’d be knocking on target or Walmarts door so fast if I were in this situation and figuring out the loan at the wee hours of the morning. Ain’t no way!

Crazy. OP didn't say her income, but she did say it was over her husband's $120K. Let's say she makes $150K. You really think the best route for someone who is laid off from a $150K job is to run to a $38K job at Target??

If her husband makes $120k and their house is $1.5 million, she would have to make more than $150k a year, which makes her severance of $5-6k (post tax I am assuming) incredibly low. Since she has said there is no family that can give them a bridge loan, I would assume they did not get a hefty gift to buy the house.

If she needs $20-30k on top of the $5-6k she is getting, for three months and after stopping frivolous spending, her take home salary was more than $10k a month. I’m guessing her salary was at least $250k.