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??
Anonymous wrote:Anonymous wrote:If you don't qualify for any kind of loan (though if you use your house as collateral, maybe that works, then you pray you get a new job by the end of the year?) what about renting your house out since it's in such a good neighborhood. You will probably have to rent it for a year, but if you get 4K for the house and pay 1K for a rental, you'll get out of the hole pretty quickly, and have some runway to get a new job, and get your life back on track. And you'll still own the house with the good mortgage rate.
On what planet do you envision rentals suitable for families are available for $1000/month?
Anonymous wrote:Target is honest work. It’s disgusting that people would rather get themselves into debt or max out credit cards instead of working.you easily could get 20k dog watching too. $50 a dog per day.
I don’t understand why they need childcare.
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.
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.
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.
Anonymous wrote: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 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.
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??