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

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

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[quote=Anonymous][quote=Anonymous]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.

[/quote]
Amazing. A helpful post that answers the question that was asked without crapping on OP or giving her options that require a time machine to go back in time and make completely different decisions.[/quote]

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