What Can You Live Without?

[golfgal]

No, that's what got some people in trouble. A lot of others got in trouble by using their home equity as a credit card then the aforementioned troubles kicked in.



Oh really? So let's say your home is worth $200k. You take 10% of that out while you job hunt. Now you have no job and $20,000 in new debt. You personally might be disciplined enough to be frugal and set aside enough for living, finding work and keeping up with your new house payments. Recent history in the economy says not everyone is as disciplined as you are.

So you are suggesting that it is better to have your heat and electricity cut off, not have ANY money then to tap into the equity in your home to LIVE? That is VERY different then using the equity in your home to buy a car or a boat. Yes, they will have $20,000 in debt (if they use that much of the line) but they will have heat, electricity and water too. It has nothing to do with being disciplined. Their house is paid off, that is more then most people can say. That $20,000 will be a monthly payment of about $200 for 10 years or so, which can be paid off early when they gain full-time employment and the interest is tax deductible. In THEIR situation it is a solution to their problem--it is NOT the solution for everyone.

 

[ntsammy5]

You're missing the point here - a bank will NOT give a HELOC to someone who has no income!

 

[Planogirl]

You're missing the point here - a bank will NOT give a HELOC to someone who has no income!

Exactly. And some banks have pulled back HELOC's to those who do have incomes.

 

[SplshMtn99]

The equity line would be something to consider IF the payment could be handled. If they can't make an electric bill payment, I would have to worry about losing the house over not making the equity line payment.

We have an open HELOC just for such emergencies, BUT at least when they bill us, its for interest only. The principal & interest bills don't come until 10 yrs later. Again, that can be a bad situation if someone isn't disciplined to pay principal before they bill it.

We refi'd our mtg to that loan 4 yrs ago because it had no closing costs & our balance was low. Closing costs on a conventional mtg refi made no sense in our situation with such a low balance. They've been billing us interest only for the past 4 yrs. We've been paying principal aggressively & next month we will have it all paid off & will be completely debt free.

IF you could get a loan like this with no income, then I would consider it. Hopefully, you could afford the interest only bills, AND hopefully within 10 yrs, you could afford the principal bills when they start, if not before then.

Again, without more info, I can't see how they could afford a loan payment if they haven't been able to keep up with utilities and their house was paid for. The paychecks they were receiving were going somewhere if not in the bank. There must be more to the story & wishes not to share.

 

[veraletta]

Sorry you’re having hard time; I hope you or your husband can get a job soon.
I know it must be hard for you as your husband, as you said you don’t have family to help you out.

My son who is 25 years old just moved back home after loosing his job, he got unemployment for a while I think he got 3 checks, he had to wait a few weeks to get it to see if his job was going to appeal the unemployment before he got the first check, they didn’t appeal right away, they wait about a month after the appeal time, so he started to get checks and then they stopped.

Unemployment told him his company was going to appeal, even after the time unemployment gave the company, that okay if it’s a company wanting to appeal late.

They told him they would call him over the phone and for him to stay home to get the phone call. Well he never got a call, so he called them to see why and was told he could get his checks again, he went to get his check and then she said that the company was appeal again; so no check, he has been looking for a job for few months now.

He did take work part time which was 10-12 hours at the most each week; it barely paid for his gas. He went to other businesses to do auditing. They don’t have any work so they let him go. So he isn’t working any where now.

He now is getting sued for the unemployment checks which was total of $700 that unemployment said he has to pay back.
We have been paying his bills.

He has put his name in fast food places. No calls.

So I feel your pain, its not as easy as people say it is, my son has put his name every where Target, Walmart, Kmart plus fast food.
No call, he is having a hard time dealing with getting no calls. Every time he hears of a job he puts his name in.

My husband is trying to get him a job at his work, but I dout if they will hire my son, as my husband is pres. of his union and the company doesnt has to deal with my husband all the time. LOL

He learned one thing it would have been better for him to tell an old man to keep buying coffee even if he didn’t drink coffee, and his wife who just died was the one that drank the coffee.

My son worked for a calling center that takes calls from people that want to cancel buying coffee.

He said his job was awful, he could do it any more, and they didn’t want them to let people cancel at all cost.
He said the last draw was the old man who wanted to cancel the coffee because his wife died.

I hope the area you live in is doing must better than ours area, we live in Ohio but most of the jobs are in WV, and there isn’t many jobs in WV right now.
Anyways I hope it doesn’t take too long for you or your husband to find a job.
I will keep you in my pray, I do feel your pain, I know it has to be hard.

 

[veraletta]

OH yeah I for got to tell you that the bank will help you, LOL
They gave my son a new charge card even tho he isnt working and they know this. He told the bank this, I heard him tell them over the phone.

They even up his limit he now can charge up to $11k
He took the card because he owe 2k and for the next 6 months is 0% so its really to help me, as I'm the one paying his charge card now until he gets a job.

 

[SplshMtn99]

Just saw this post over on the Budget Board & thought of you.
http://disboards.com/showthread.php?t=2019642

You can sell plasma & get some money. I don't know how much money though. I wonder what else can be sold.

 

[ckay87]

Just saw this post over on the Budget Board & thought of you.
http://disboards.com/showthread.php?t=2019642

You can sell plasma & get some money. I don't know how much money though. I wonder what else can be sold.

Yea my DH is a manager for a company that collects plasma. He'll be getting a bonus this year...they are, sadly, doing very well right now.

I don't know the exact pay structure, but you won't get rich doing it. You get more for the first donation and then subsequent donations are like $25. It's somewhat time-consuming (maybe an hour?), but it is something.

 

[C.Ann]

I do not think it is so hard to believe that this person & her husband are having a tough time finding employment. We live in a rural area on the East Coast & my DF has been struggling to find a job for the past 3 months. We lived in the city prior to this & there were a few more jobs there, but cost of living was too expensive so we moved to the country. NO ONE is hiring-not even restaurants, convenience stores, gas stations, retail, not even those holiday kiosks in the mall. He has been diligently researching newspapers, Craigslist, Monster, walking around town & looking for help wanted signs. Temp agencies turned him away because they had no jobs available aside from a few specialized ones that he is not qualified for & they have too many people searching. We also only have one car, which limits us, & I have to travel a few times a day with my current job. We luckily have a pretty good bus system in our area though. We are so excited because last week he scored 2 interviews-waiter position in a restaurant & a bank teller. We are holding out for the bank teller position because it's more stable than living on tips, but will take either that are offered.

Point being-the job market is NOT good anywhere you live in this country right now.

I don't think you can be so general with those statements. I feel what the OP is struggling with, as the job market is the same in my area. My DF has been unemployed for 3 months looking for work. & he is not proud-he would work at a gas station or what not if necessary, but no one is hiring. We are fortunate in that I currently have a decent job & we can make ends meet (just barely) with my salary alone for now. But we wont be able to forever.

--------------------

We have a weekly newspaper here that always has a minimum of 2 pages of help-wanted ads.. Last week there were exactly three jobs advertised:

A part-time receptionist - 10 hours a week, minimum wage
A home health aide training class
A over-the road driver - requiring a special license

Even the Ocean State Job Lot has stopped placing their sales ad in the newspaper - at a time of year when they would normally be doing everything and anything to draw customers into the store.. DD's MIL was in there twice in the past 2 weeks and both times there were less than 20 people in the store - two cashiers - and no "help wanted" signs..

Generalizations definitely cannot be painted with a broad brush in the current economic climate..

 

[PhotobearSam]

Maybe take in a boarder or 2...Might have to rearrange things but it would be some Money..