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][quote=Anonymous][quote=Anonymous][quote=Anonymous]Y'all are so off topic. OP's kids are small and don't have mental health issues. She was just living to the max and it bit her in the a$$.[/quote]

Top of page 3, OP talks about her kids having special needs. Whether that be mental health or physical, you’re splitting hairs in an attempt to bash her. [/quote]

This.  Look, I'm sure OP has regrets with the mortgage but that's not helpful now.  But, it could be a helpful life lesson for the rest of us to be as conservative as possible because you never know what life will throw at you.  OP, I hope some previous suggestions helped and that you find a new job soon.  But I'd also be prepared for it taking longer than you think- my friend ended up being unemployed for a year when they were laid off.  In their case they only had one in daycare but were hesitant to give up their spot because it's hard to get back.  So they pushed through and managed to cover mortgage, bills, and daycare on her DH's salary but there was very little left after that and they definitely had racked up credit card debt when it was all said and done.[/quote]

Their house price was 800k on a HHI that was at least 250k, likely more.  It's just worth 1.5m now.  I doubt OP is regretting it.  They just have a temporary cash crunch due to layoff plus other circumstances.  No need to catastrophize.[/quote]

The OP was a disaster before the relities of life smacked her.

Bought a "fixer" that was in forclosure and needed a ton of work. Clearly she didn't have the resources for that.
Home was 800K, she says she has 700K in equity.  She put no money down.
Given her track record, I bet she has grossly overestimated the value since she says she could only rent a room for $500/mo. This is clearly not a hot city any longer.
no bank is going to give her a HELOC

Her only option is to sell this albarross. She needs to rent. If rooms only rent in her community for $500/mo then this is a LCOL area and she can walk away with her 600K and rethink her poor decisions in a rental while she gets back on her feet.[/quote]

When you put it this way, I kinda agree.  Even when their HHI was 250k, that had to be an awful lot of their take home pay going to the mortgage alone, and with the high needs kids probably very little for the renovations.[/quote]

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