As soon as you get the loan (which will be at a high interest rate) you will start owing payments! This is not a good solution. You are buying a ticket to complete financial ruin. You need to make structural changes today.

Anonymous wrote:

Anonymous wrote:With current interest rates paying back a loan is gonna suck. Is there anything you can do to reduce the amount you'll need? Like SAT tutoring or even babysitting for families in the neighborhood? Also double check that you could use a heloc to pay your mortgage.

Op here. I’ve looked into this but I think my time is better spent on interviewing/applying and getting things in order so I can really focus on my next role. We also only have one car between DH and I, so things like Uber or DoorDash don’t make a ton of sense.

I am selling a bunch of stuff and that should get us $2-3k.

Sounds like you need to take any job and rethink your spending/housing.

Anonymous wrote:I doubt you’ll qualify for a loan if you don’t have the income to pay for it. If you can get one, this seems like a good option if you pay it off quickly when you go back to work.

Op here. My DH works, but makes less than I was making and he doesn’t make enough to cover all our bills.

In theory, he could cover the mortgage though if we just didn’t pay other things.

Anonymous wrote:

Anonymous wrote:You have a million dollar house and no savings? Start driving uber.

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

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.

Anonymous wrote:

Anonymous wrote:You have a million dollar house and no savings? Start driving uber.

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

Wow. $1.5m and out of emergency funds in a few months even with one person working...talk about house poor.

Anonymous wrote:With current interest rates paying back a loan is gonna suck. Is there anything you can do to reduce the amount you'll need? Like SAT tutoring or even babysitting for families in the neighborhood? Also double check that you could use a heloc to pay your mortgage.

Op here. I’ve looked into this but I think my time is better spent on interviewing/applying and getting things in order so I can really focus on my next role. We also only have one car between DH and I, so things like Uber or DoorDash don’t make a ton of sense.

I am selling a bunch of stuff and that should get us $2-3k.

I doubt you’ll qualify for a loan if you don’t have the income to pay for it. If you can get one, this seems like a good option if you pay it off quickly when you go back to work.

Anonymous wrote:You have a million dollar house and no savings? Start driving uber.

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

With current interest rates paying back a loan is gonna suck. Is there anything you can do to reduce the amount you'll need? Like SAT tutoring or even babysitting for families in the neighborhood? Also double check that you could use a heloc to pay your mortgage.

You have a million dollar house and no savings? Start driving uber.

Anonymous wrote:Maybe tell your bank you foresee difficulty making mortgage payments and they can work with you?

Will you get unemployment or severance pay?

Can you have boarders?

Op here. I’ll get a severance but it will only be about $5-6k.

We don’t live in DC, I’ve looked into renting a room but we’d only be able to get $500-700 and it’s just not worth it to me with having small children.

Anonymous wrote:See if your credit card has a zero interest cash advance.

Op here. We get balance transfer offers but the cash advances are never 0%.

See if your credit card has a zero interest cash advance.

Maybe tell your bank you foresee difficulty making mortgage payments and they can work with you?

Will you get unemployment or severance pay?

Can you have boarders?

I’m going through a layoff and we have no savings (medical bills for a sick child, plus unexpected home repairs).

I expect to be working by the new year at the absolute latest, but in the meantime we are going to need $20-30k to get us through the next few months.

We have about $700k of home equity-would that be the most logical solution? My mortgage company is Wells Fargo and they don’t do home equity loans, would I go to another bank?

We have excellent credit. DH is still working but not making enough to cover all our expenses. At this point, we won’t have enough to make our November 1 mortgage payment