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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, have your DH do a 401K loan. Definitely do not touch your super low mortgage!!![/quote]

It’s not “low” if they need two salaries to cover it.[/quote]

I’m the prior poster who estimated $4k for the mortgage, I was being generous. If she paid $100k up front her mortgage could be as low as $2500-$3k. In which case she should never sell. People are paying that for $300k houses right now.

So glad she found that hsa daycare money!!!

She should still talk to her lenders and daycare to pause payments or do less hours for a while, renegotiate her auto and house insurance and a lot of the reduce spending suggestions you all have come up with. I’m getting some quotes and looks like I was overpaying myself [/quote]

Didn’t she say they put no $$ down? Anyway I generally agree it doesn’t really make sense to sell [b]unless they truly have that much equity and can purchase something in cash.
[/b]
I would not, however, take out a HELOC or other loan that will add to their fixed expenses.  Seems like they were already living paycheck to paycheck, so do not add another debt payment unless absolutely necessary! Now that they have some hsa money, there’s no reason she and DH can’t pick up part time jobs to help tide them over. OP, retailers are desperate for workers and you can probably find one that will be flexible with your interview schedule. [/quote]

It's a 1.5 million house and they only owe $800k on it...so they'd get back $700k minus realtor fees and other expenses.
Since she said they'd only be able to rent out a room for $500/month, they must live in a very low cost of living area.  They could definitely buy something very nice for cash.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics