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][quote=Anonymous]In these cases "unexpected home expenses" = major fancy home reno they couldn't actually afford. Also explains the "appreciation". How do you spend $15-20K per month and have NO emergency fund? That's just patently irresponsible and idiotic. I bet we make less than you do and could live for a year on no income without changing much and closer to 2 in "bare bones" mode. [/quote]

DP. How do you know that? Our boiler broke in the dead of winter two years ago (I had a newborn too) and it was 16k to replace it. Our basement flooded in several storms. Thousands of dollars for mitigation. Roofs leak and need repair. Owning a home, especially an old one, is a money pit. A sewer pipe under an 100 year old house can be crushed and need to be replaced. 20k for that. Mold can grow in a wall. Most of this is covered by insurance. My husband and I were so upset when our boiler broke and we’re talking about how people get by with this insanity. [/quote]

Most of this is *not* covered by insurance.

The other thing lll say is that it does sound like OP is house poor. They don’t have the savings buffer to maintain their home. Their position sucks, but I would seriously consider selling the house, downsizing with cash, paying off their debt, and focusing on saving. [/quote]

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