Anonymous
Post 10/01/2023 09:05     Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Why has this thread already gone on four pages? OP is basically asking the following: “Is it OK to dip in to my $700K pile of cash to cover a $20K emergency?” The correct answer is, “No shit, Sherlock.”


+1

Worst case scenario you can't pay it back then and then have to sell the house to keep your good credit score. It's a risk but so are other options. But first I would look into the hardship 401K withdrawal and renting out your home. For what it's worth we lived in a tiny apartment for two kids for a long time. It wasn't uncomfortable but it saved us a lot of money and was worth it.
Anonymous
Post 10/01/2023 08:55     Subject: I need about $20k to get us through a layoff-home equity loan?
Use credit cards. Rent your house out and move into apartment or crappy house for $2000 or less. Get a part-time job. I thought the substitute teaching was a great suggestion. If you can't pay the mortgage, how do you expect to pay the HELOC? Don't put your home at risk.
Anonymous
Post 10/01/2023 08:33     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
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.


Yeah, that's the thing. You can't afford your house and need to sell it. It only gets worse from here. Debt and more debt.
Anonymous
Post 10/01/2023 08:32     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
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.



Why are people so eager to be judgmental on DCUM? Just answer her question or stay quiet. She had reasons (medical and other) but those aren't your business.


OP has crapped on every suggestion made, no wonder why people are getting snarky.


+1. This is what DCUM is about. People have answered OP's question. OP has also gotten some financial advice (which they need!).
Anonymous
Post 10/01/2023 08:28     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
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.



Why are people so eager to be judgmental on DCUM? Just answer her question or stay quiet. She had reasons (medical and other) but those aren't your business.


OP has crapped on every suggestion made, no wonder why people are getting snarky.
Anonymous
Post 10/01/2023 08:18     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Get a job. Any job. Simple.


+1. Find something part time to just get some income coming in since you don't want to pull kids from childcare. I'd look at a 401k or credit card loan. Any chance you have whole life insurance? You may be able to get a loan on your policy. My other advice is to sign up for ynab.com budgeting software. Start logging every expense. I guarantee you it will help you save $ on spending (there may be some low hanging fruit--subscriptions, etc. that you can cancel).
Anonymous
Post 10/01/2023 05:29     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:I’d be knocking on target or Walmarts door so fast if I were in this situation and figuring out the loan at the wee hours of the morning. Ain’t no way!


Crazy. OP didn't say her income, but she did say it was over her husband's $120K. Let's say she makes $150K. You really think the best route for someone who is laid off from a $150K job is to run to a $38K job at Target??


DP.

Why not?

I know engineers who have done something similar for almost a year while job hunting.

As soon as she gets a job on her field, she drops the target job.

Her DH should get an evening shift or weekend shift packing at Amazon too.

Anonymous
Post 10/01/2023 05:27     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:Get a job. Any job. Simple.

+1.
Even working at MCDonalds will get you thus money. And DH can pick up shifts at McDonalds on the weekends too. College professors don't work that many hours.

Find agencies that hire people to take care of the elderly. These jobs are pretty easy.

20K is nothing.
Anonymous
Post 10/01/2023 02:07     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:I’d be knocking on target or Walmarts door so fast if I were in this situation and figuring out the loan at the wee hours of the morning. Ain’t no way!


Crazy. OP didn't say her income, but she did say it was over her husband's $120K. Let's say she makes $150K. You really think the best route for someone who is laid off from a $150K job is to run to a $38K job at Target??
Anonymous
Post 10/01/2023 02:06     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Can you or DH take a 401k loan or IRA distribution?


DH will get a pension so we can’t borrow against that

My 401k doesn’t allow loans

We don’t have IRAs I don’t think.


For the PP who said they hadn't seen this.

That PP said a hardship not a loan. Those are two different things.

OP should see if she qualifies for a hardship disbursement on her 401k.
Anonymous
Post 10/01/2023 01:25     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
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.



Why are people so eager to be judgmental on DCUM? Just answer her question or stay quiet. She had reasons (medical and other) but those aren't your business.
Anonymous
Post 09/30/2023 23:57     Subject: I need about $20k to get us through a layoff-home equity loan?
Op, do you have any stocks, bond or CD?

Sorry you are going through this. I hope you find a job soon.
Anonymous
Post 09/30/2023 23:50     Subject: Re:I need about $20k to get us through a layoff-home equity loan?
Why can't you get any unemployment insurance? Would help a little bit.
Anonymous
Post 09/30/2023 22:50     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:I’d be knocking on target or Walmarts door so fast if I were in this situation and figuring out the loan at the wee hours of the morning. Ain’t no way!


I heard a radio ad today that UPS is hiring package handlers and drivers for the holidays. "Fill out an application and get hired in 20 minutes."

Where I live, package handlers start at $23/hr.
Anonymous
Post 09/30/2023 22:45     Subject: I need about $20k to get us through a layoff-home equity loan?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
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.


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.


Nope. You need to sell your home and rent a way less expensive place.


No, selling a home with 2.5% interest rate is stupid.


It’s not stupid when they cannot afford the house.