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]You have a million dollar house and no savings?  Start driving uber.[/quote]

Op here. $1.5 million, but yeah. We had savings but it’s been wiped out in the last few months.[/quote]

So, you live in a $1.5 million dollar house and living pay check to pay check.  Good luck with that.  Sell the house and move into something 1/2 that.  You are living over your means if one emergency wiped you out.[/quote]

Op here. I mean, yeah we are house poor. But we bought our house in April 2020, got a screaming deal on it, and it was a fixer upper/foreclosure. Our interest rate is 2.25%. We poured our sweat equity and our hearts into it, our area absolutely exploded (even more than other places-like not even just our city but our specific neighborhood went completely bananas the last 3.5 years). We paid $800k, it’s worth $1.5 mil now.

We want to do whatever we can to hold onto the house because of the interest rate.
[/quote]

The media and social media's narrative of "those lucky low interest rate holder" is faulty and misleading. Regardless of an interest rate held, you can either afford your PTI or you cannot. At this snapshot in time, you cannot afford your house. A few months ago you could, and maybe again when you get a job, but now, you can't.  I am not giving you advice as to what to do with your home, that would be presumptuous--I am just stating facts. Being smug about an interest rate means nothing.

Given your low interest rate and the fact that interest rates are rising, the amt you will be able to sell your house for will continually decrease below what you bought your house for.[/quote]

NP but your last paragraph makes zero sense.[/quote]

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