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]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 [b]rent out a room for $500/month[/b], [b]they must live in a very low cost of living area. [/b] They could definitely buy something very nice for cash.[/quote]

Not necessarily.  They could just live somewhere without much of a rental market (suburban area).  If you don't have a suite with a bathroom/kitchenette there are a ton of HCOL places--especially in suburbs-- where you won't get much for renting out a room.  And if you have a dual income family with special needs kids, renting out a single room is going to be not that desirable either to you or your renters.  If you have a full suite with bathroom and kitchen you might get more, but it's not like there's usually a huge rental demand in a suburban location unless there's a college or transit nearby.[/quote]

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