Reply to Should we take out HELOC for emergency expenses?

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Reply to "Should we take out HELOC for emergency expenses?"

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[quote=Anonymous]We're currently in a financial predicament and would appreciate feedback. We built a new house a couple years ago. It was a bit of a stretch financially but we were willing to make sacrifices to live here (our PITI is 35% of our income). We were one of the first buyers in our community so got quite a good deal (the house has since been appraised at $100k more than what we paid). During the past year DH's overall pay has decreased. So while we have a good amount of equity in the home we do not have a lot of cash flow at the moment. Once we pay our large property tax bill at the end of the year, our savings will almost all be wiped out. We're working very hard to build up our savings again but wondering what the best thing thing is to do in the meantime. Should we get a HELOC to serve only in case of emergencies? In a couple years both our cars will be paid off which will really help with the cash flow issue. We've already made some changes- moved the kids from private to public school as well as reduced 529s for awhile. Any other suggestions? Moving is a very last resort.[/quote]

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