Anonymous
Post 10/12/2023 13:54     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:OP, have your DH do a 401K loan. Definitely do not touch your super low mortgage!!!


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


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


Didn’t she say they put no $$ down? Anyway I generally agree it doesn’t really make sense to sell unless they truly have that much equity and can purchase something in cash.

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.
Anonymous
Post 10/12/2023 12:29     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:OP, have your DH do a 401K loan. Definitely do not touch your super low mortgage!!!


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


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
Anonymous
Post 10/12/2023 12:21     Subject: I need about $20k to get us through a layoff-home equity loan?
Do not refinance at these rates. Look at a HELOC, Home Equity Line of Credit. Citizens Bank has a pretty good setup--you can apply online and have money within a few weeks. You can get approved for say $100k but just use as little as needed as needed.
Anonymous
Post 10/12/2023 12:13     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:Op here. This thread has really gone off the rails a bit.

I’d prefer not to get into all the details of my finances, because I wasn’t looking for a comprehensive review. I had a specific question I got it answered, and I greatly appreciate the replies.

One thing we did that has helped tremendously-I had forgotten about our childcare FSA and healthcare FSA (I might be using the wrong words for these). We never reimburse in real time and usually do it in Jan/feb/March when we turn to taxes. So I’ve already come up with $7600 I didn’t know we had.

The job in January is as certain as any job can be. Signed contract, definite start date. But I’m hoping to land something better and hence all the interviews. I’ve got a good shot of landing something better and might be able to start earlier than January.

I think we will scrape by and be Ok. I’ve been able to sell $1000 worth of stuff in the last week as well.

Thanks again for the helpful replies.


Wait, so you haven't even started the job yet and you're already looking to screw them over? You know they stopped interviewing and rejected the other candidates when they offered you the position, right?



To OP don’t ever worry about a job because just as sure as you were laid off they will never worry about you.
Anonymous
Post 10/12/2023 06:10     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:OP, have your DH do a 401K loan. Definitely do not touch your super low mortgage!!!


It’s not “low” if they need two salaries to cover it.
Anonymous
Post 10/11/2023 20:01     Subject: I need about $20k to get us through a layoff-home equity loan?
OP, have your DH do a 401K loan. Definitely do not touch your super low mortgage!!!
Anonymous
Post 10/11/2023 19:59     Subject: I need about $20k to get us through a layoff-home equity loan?
Your husbands salary at $120 covers the $4,000 you need for the mortgage. You need to talk to the childcare and tell them your situation and that you will be absent for 3 months. maybe DH can reduce how much he allocates to savings for a few checks. See about renting a room or the basement that will cover your food costs and make the renter pay utilities. Do not sell the house unless you get the full $1.5, you can buy a house in cash with the equity $700 is enough for a decent place. Call the mortgage lender and tell them you need to pause payments. DH needs to call his insurance and negotiate the fee down. Daycare has to be cut it’s the easiest to replace even with special needs. Good luck
Anonymous
Post 10/11/2023 12:01     Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
“My kids have special needs and losing their spots is simply not an option. I’m not able to interview or apply for jobs while caring for them, and there’s zero chance we’d secure childcare for them in January when I start working again if we don’t keep their spots now.”


NP. This is what I don't understand. OP has kids with complex childcare. Why can't she look for jobs or work jobs while the kids are in/at childcare?

About 10 years ago, I was on a federal contract and was pink-slipped. I got some small unemployment insurance, but it was much less than my day job. Like OP, we had a very good daycare option for my children and we were not willing to let the spots go (I have twins) because if/when I was reemployed, we would never get childcare options that would suit our specific needs and our children better.

So, we sucked it up. All told, I was out of work for six months. We canceled expenses we could, like the monthly house cleaners; I took over household chores. I shopped and we exclusively ate home cooked meals for those 6 months. It saved us a lot of money. But even with cleaning the house and cooking all our meals, I still had time to job hunt and do some part-time work to add to the UI that I collected. We had 6 months of emergency funds, but with the money I saved by cooking at home and the extra money from the UI and PT, we only used about half of our emergency fund over the 6 months until I found a FT position again.

Now that my children are grown, I have no regrets keeping the expensive childcare and not giving up those spots. My children used those spots for 2 more years after I got my job back and we would never have found childcare that worked as well as that one did for us at the time.

But I don't see why OP cannot find part-time work while her children are in childcare. She says she can't interview or hunt for work while caring for her children. But what about while the children are in the complex childcare that she won't give up? While they are in childcare, she should be able to hunt for work or at least work part-time. Even if it doesn't completely cover the $20k that she needs, every dollar is that much less that she needs to cover.

And OP says that she needs cash for mortgage and childcare. Well, they still have her husband's job. She needs to make the difference between what he makes and what will cover the mortgage, childcare and minimum payments on the CC. Everything else, like food, can go on credit cards. I can pay phone, utilities, and pretty much everything else on CC.


OP has a job offer that starts in January. She's just exploring whether she can find something else, and needs some cash to tide them over.


Yes, but when her kids are in her complex childcare, then she can do things like drive Instacart or Uber or Doordash. She can work part-time and generate some income to help bridge the gap between what her husband makes and what they need to pay the cash-only payments.

The point is that she has said she can't work while taking care of her special needs children, but she also pays for complex childcare. What does she do when her children are in childcare and she is not taking care of them? She has time to get a temp job to help make some money, but she won't.
Anonymous
Post 10/11/2023 11:04     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:You have a million dollar house and no savings? Start driving uber.


This.
Anonymous
Post 10/11/2023 10:22     Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
“My kids have special needs and losing their spots is simply not an option. I’m not able to interview or apply for jobs while caring for them, and there’s zero chance we’d secure childcare for them in January when I start working again if we don’t keep their spots now.”


NP. This is what I don't understand. OP has kids with complex childcare. Why can't she look for jobs or work jobs while the kids are in/at childcare?

About 10 years ago, I was on a federal contract and was pink-slipped. I got some small unemployment insurance, but it was much less than my day job. Like OP, we had a very good daycare option for my children and we were not willing to let the spots go (I have twins) because if/when I was reemployed, we would never get childcare options that would suit our specific needs and our children better.

So, we sucked it up. All told, I was out of work for six months. We canceled expenses we could, like the monthly house cleaners; I took over household chores. I shopped and we exclusively ate home cooked meals for those 6 months. It saved us a lot of money. But even with cleaning the house and cooking all our meals, I still had time to job hunt and do some part-time work to add to the UI that I collected. We had 6 months of emergency funds, but with the money I saved by cooking at home and the extra money from the UI and PT, we only used about half of our emergency fund over the 6 months until I found a FT position again.

Now that my children are grown, I have no regrets keeping the expensive childcare and not giving up those spots. My children used those spots for 2 more years after I got my job back and we would never have found childcare that worked as well as that one did for us at the time.

But I don't see why OP cannot find part-time work while her children are in childcare. She says she can't interview or hunt for work while caring for her children. But what about while the children are in the complex childcare that she won't give up? While they are in childcare, she should be able to hunt for work or at least work part-time. Even if it doesn't completely cover the $20k that she needs, every dollar is that much less that she needs to cover.

And OP says that she needs cash for mortgage and childcare. Well, they still have her husband's job. She needs to make the difference between what he makes and what will cover the mortgage, childcare and minimum payments on the CC. Everything else, like food, can go on credit cards. I can pay phone, utilities, and pretty much everything else on CC.


OP has a job offer that starts in January. She's just exploring whether she can find something else, and needs some cash to tide them over.
Anonymous
Post 10/11/2023 06:14     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Could you potentially refinance and cash out? I doubt your monthly would even go down much since interest rates are much higher.


Op here. This would nearly triple my mortgage. I will never refinance or sell my house because of the interest rate. We would move out and rent it before we’d even consider refinancing or selling.


OP, I don’t get the obsession with hanging onto the house at all costs. You already won the lottery by gaining $700K in equity in three years – that’s worth way more than a 2.5% interest rate.

Are you aware that home prices are actually declining in areas that saw the biggest pandemic boom? I don’t know where you live, but how would you feel if your $1.5 million house were worth $1 million in 5 years?

You clearly can’t afford your life – there’s a real cognitive dissonance in living in a $1.5 million house and needing to sell $2-3K worth of trinkets to make ends meet. Just sell the house and buy a more modest place in cash — and guess what, 0% interest is even lower than 2.5%!


+1. You have a big opportunity here to appreciably decrease your fixed costs due to the big gain in equity. That equity may not be around forever.

I know the short term problem feels most acute right now, but you clearly have a long term problem of living above your means if you had no money to spare when you lost your job.

And +1 to the suggestion to find a part time job- tons of places hire help for the holidays. Would decrease whatever loan/cash advance you end up taking.
Anonymous
Post 10/11/2023 00:08     Subject: I need about $20k to get us through a layoff-home equity loan?
Op here. I know I’m frustrating all of you because I’m not being receptive to your advice and I’m responding selectively to requests for information. I’m sorry for that. I should probably abandon this thread but I just cannot seem to stop revisiting it. I suppose I have more free time than before lol. Thanks for being on this ride with me.
Anonymous
Post 10/10/2023 23:34     Subject: Re:I need about $20k to get us through a layoff-home equity loan?
“My kids have special needs and losing their spots is simply not an option. I’m not able to interview or apply for jobs while caring for them, and there’s zero chance we’d secure childcare for them in January when I start working again if we don’t keep their spots now.”


NP. This is what I don't understand. OP has kids with complex childcare. Why can't she look for jobs or work jobs while the kids are in/at childcare?

About 10 years ago, I was on a federal contract and was pink-slipped. I got some small unemployment insurance, but it was much less than my day job. Like OP, we had a very good daycare option for my children and we were not willing to let the spots go (I have twins) because if/when I was reemployed, we would never get childcare options that would suit our specific needs and our children better.

So, we sucked it up. All told, I was out of work for six months. We canceled expenses we could, like the monthly house cleaners; I took over household chores. I shopped and we exclusively ate home cooked meals for those 6 months. It saved us a lot of money. But even with cleaning the house and cooking all our meals, I still had time to job hunt and do some part-time work to add to the UI that I collected. We had 6 months of emergency funds, but with the money I saved by cooking at home and the extra money from the UI and PT, we only used about half of our emergency fund over the 6 months until I found a FT position again.

Now that my children are grown, I have no regrets keeping the expensive childcare and not giving up those spots. My children used those spots for 2 more years after I got my job back and we would never have found childcare that worked as well as that one did for us at the time.

But I don't see why OP cannot find part-time work while her children are in childcare. She says she can't interview or hunt for work while caring for her children. But what about while the children are in the complex childcare that she won't give up? While they are in childcare, she should be able to hunt for work or at least work part-time. Even if it doesn't completely cover the $20k that she needs, every dollar is that much less that she needs to cover.

And OP says that she needs cash for mortgage and childcare. Well, they still have her husband's job. She needs to make the difference between what he makes and what will cover the mortgage, childcare and minimum payments on the CC. Everything else, like food, can go on credit cards. I can pay phone, utilities, and pretty much everything else on CC.
Anonymous
Post 10/10/2023 22:53     Subject: I need about $20k to get us through a layoff-home equity loan?
OP how is the job hunt going?
Anonymous
Post 10/10/2023 22:50     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:Could you potentially refinance and cash out? I doubt your monthly would even go down much since interest rates are much higher.


Op here. This would nearly triple my mortgage. I will never refinance or sell my house because of the interest rate. We would move out and rent it before we’d even consider refinancing or selling.


OP, I don’t get the obsession with hanging onto the house at all costs. You already won the lottery by gaining $700K in equity in three years – that’s worth way more than a 2.5% interest rate.

Are you aware that home prices are actually declining in areas that saw the biggest pandemic boom? I don’t know where you live, but how would you feel if your $1.5 million house were worth $1 million in 5 years?

You clearly can’t afford your life – there’s a real cognitive dissonance in living in a $1.5 million house and needing to sell $2-3K worth of trinkets to make ends meet. Just sell the house and buy a more modest place in cash — and guess what, 0% interest is even lower than 2.5%!