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]Two choices.  The one that others recommended, taking a 401K loan where you borrow against your retirement equity.  Since you are expecting to be hired again in January, you can work on paying it back and by the end of 2024, you'll have paid the loan back (or sooner if finances allow).

Second, consider talking with a loan officer at the bank with your mortgage or the bank where you have your accounts and direct deposit.  Provide them a copy of the job letter and ask if you can either get a suspension of your mortgage payments, which you will repay for the X months after you start your new job or a home equity loan or a personal loan based on the job that you have the confirmed letter from.  In some cases, the mortgage lender will set up a loan or delayed payment program for you because getting their money delayed is far better than trying to go through penalties and foreclosure.  For your personal bank, same thing, they make money off of your banking and with proof of employment, they may be willing to make a loan to you based on your banking history with them and being able to make high interest short term loan profit from you.  But you have to call and speak with a loan officer.  Your situation would not be covered by any on-line application process.  There are loan vehicles that loan officers may be able to extend that will not be available via any other route.

Last, you just put money on credit cards and take cash advances at the exhorbitant loan rates from the credit cards to cover your expenses until you get your new job.  You just need your husband's income to cover mortgage and minimum payments on the credit cards until you start your new job.[/quote]

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