• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

unemployed, car breaking down, morgage payments. Am i worrying too much or is it normal?!

JEDI

JEDI

Lifer
Here's my situtation:

single, unemployed, unemployment insurance ran out last month, almost out of savings and my car is breaking down. But i have $60000 in equity in my house. i could tap into that to get another car ($10k) and to pay my morgage ($1.2k/month = $28k/2 years). that leaves me w/$22k to last 2 years. (i need a car since i live in the suburbs.)

i'm in the computer field for 10 years w/no certifications. i was a NT admin in my previous job. i've been looing for 6 months and nothing.

i'm worrying to the point that i'm getting ulcers (doctor confirmed ulcers).

1) am i worrying too much???????? my immediate concern is my car. Car problems then it's the debt i'm getting myself into. if i cant pay it back, i lose the house..foreclosure/bankruptcy..ulcers 🙁

2) Should i spend some of that home equity to get certs? if so, which? mcp, cna, ccna, ccda? and is a A+ cert useful for someone like me? (i think of A+ as a step down from being an admin.)

3) am i worrying WAAY too much. and if not, why not?


EDIT: I already have the line of credit.
 
I don't really have any advice. All I can say is don't feel bad bud, you're not alone. I'm in the same boat. I was laid off in December. I picked up a new job in February, then three weeks later, the company shut its doors forever. I've only had one interview since then. Just keep pounding the pavement. I know that when my unemployment runs out (if I'm still unemployed) I'll be heading to the nearest temp agency or factory to do ANYTHING to keep money coming in.
 
I think you missed the main question of who in their right mind is going to give you a second mortgage on your house (to get your equity out of a house, you generally take out a second mortgage) when you have no job to repay them the money?
 


<< Sign up for some classes at a community college. Get some certs, a student loan, help finding job from their job placement service, and take a valium. >>



good idea, and might i suggest that while you are looking for a good job you take any old job that comes your way? walmart may not pay all the bills, but its better than nothing at this point. just a suggestion. good luck man.
 
Actually, I think they would do it without the blink of the eye. They have a great chance of getting his house out of this. I hope everything works out for you. It sucks to be unemployed right now. The job market blows. Even factory work isn't easy to come by.
 


<< Actually, I think they would do it without the blink of the eye. They have a great chance of getting his house out of this. I hope everything works out for you. It sucks to be unemployed right now. The job market blows. Even factory work isn't easy to come by. >>



Really I think the bank would avoid this deal like the plague.

The second mortgage holder does not have nearly the rights in a foreclosure situation that the intial mortgage holder has. The primary mortgage holder would gain control of the property, and they are going to be more worried about themselves than the secondary mortgage holder.
 
oh, i already have the equity line of credit. sorry for the confusion.

how do i stop worrying sooo much? or at least lessen it? any advise to calm me down?
 
relax!As they say, there is no debtors prison.🙂

peaks and valleys my man........

get any job in the meantime, to feed the beast.


BTW:i know exactly how u feel.From Dec til now my job hours have been cut from 30+ to 10 a week if im lucky.

get a prescription for stress( i have one for kolonopin(sp?)

pay what ya can to who you can when you can......

and enjoy life cuz we all end up in the dirt someday!
 
Like others said, get any job in the meantime. I don't know how some single mothers and others have 3 part-time jobs and just keep doing it--I guess you do what you have to to pay the bills.
 
Have you tried looking for something a few steps down from your last position?? or are you looking for something equal or better to what your last salary was?

also what location are you in?--EDIT holy crap you live in DC and you cannot find anything?? heck you can have my job at NASA HQ if you want as a Special Projects lead...seriously I think there are like a million openings at AOL in VA, have you checked with them? let me know if you need any assistance as I work in DC and live in VA and am more than willing to help as I am currently looking myself as well.

Peronsally I agree with the majority...take anything you can find for now until things pick up, I am leaving my job next wednesday by choice and moving into the Boston area where things are reportedly much worse than here in DC...but I am more than willing to take lesser pay so that I am making "something".
 
Number 1: Do not take out a home equity loan (second mortgage) just to buy a car. Remember - Houses appreciate, cars depreciate. It's a losing proposition. And if you've resigned yourself to remaining unemployed, at the end of this two year period not only are you going to be out of cash but you're also going to be homeless.

Number 2: Get a job. It's not that hard, really. Flip burgers if you have to but you have to get the income rolling in. With 10 years computer experience and having worked an NT admin role you should easily be able to get in to a support position. With the size of DC, even if you haven't been able to find a job pounding the pavement you should easily be able to hire in with a temp agency. You could move from one short-term project to another or luck out with a temp-to-perm placement.

Certs are great but if you have no income at all in the foreseeable future I would postpone certs until you lay down a job. Take night classes then if you have to but: GET A JOB!

If you tap into home equity for something this temporary you're just going to kick yourself later.
 
It's never productive to worry too much, although I know how hard it is when in a situation like yours. I am in a similar situation and know exactly how you feel when you apply, apply, apply and hardly get any interviews.

Things will start looking up, even though it doesn't look that way, things have a way of happening when you least expect it. Just keep applying at places and hope for the best.

Worst case scenario is that you have to take out that loan you spoke of, but wait until you absolutely have to, although without a car it looks as though that time may be here already. In any case you'll be fine, so stop worrying, before you have more than just ulcers, because you can worry yourself to death, ie heart attacks, strokes etc.

Apply as often and to as many companies as you possibly can, and if you have to take a slight cut in pay and position until you can find something more suitable. It's no time to be picky.

Good Luck
John-Paul aka veryape

P.S.
 
Agreed with Boonerebel,

There are tons of staffing firms in the DC/VA/MD area, heck I got my job here at NASA through Prism..sure it sucked for a while because you have to buy your own bennies and your treated lower than whale scum at the place you work, but it usually brings in decent pay...better than flipping patties, and you get more experience in a related field.

Also my friend from here got laid off two weeks ago and not a few days after he was gone he had already secured a new position at the post office with better pay and doing relatively the same thing..he was also an NT account admin. So there are jobs out there, especially in this area.

Good luck
 
I agree with everything here, don't take the loan. You worked hard to earn that equity. Get any job that comes your way, save the money to purchase a new car (job + downpayment means you shouldn't get refused, and you have a trade-in), and continue to pound the pavement for a job that you want. Offer to help neighbors and friends with their computers in your spare time for $$. Anything but getting an equity loan.
 
From what others said in your car thread, your car may not be in that bad of shape. it could be just a fluke with the gas.

That said, I can't blame you for worrying. You're a lot better than many people who don't realize they're in the sh|tter until it's too late.

I agree with others here who say to get a job doing *something*. You might not have to flip burgers -- sell cars, wait tables, hell -- put an ad in the paper and give people tech support with their computers. Anything to get some money coming in, and to get you out of the house instead of moping all day.

Since you have so much free time, start exercising. Two hours a day isn't too much if you're unemployed. You don't have to spend a lot to go to the gym. Go for an hour jog, daily. This will help with your health and your state of mind.

Start eating better to take care of your ulcer. Stop drinking sodas. I'm sure there are lots of things you can do to improve your diet and save money at the same time.

That's another thing -- look for ways to optimize your money outlays. Don't eat out. Get a membership at Sam's Club and buy lots of frozen chicken breasts and vegetables. You can cook yourself very tasty and nutritious stir-fry for less than $1/meal. Buying food in bulk saves you money in the long run.

One thing you may want to consider is selling your house. A single guy doesn't need a house to himself. If you've got $60k equity, move out and find a cheap apartment to live in until you get back on your feet again. This may be something you don't want to think about, but I think it's a better option than getting a second mortgage that you might not be able to pay off. It's best to get as much money out of your house as you can, now, than to lose it all later. Alternatively, you could rent it out (enough to cover the monthly mortgage payment plus maybe a little extra). Then you can move back in when you get a job. Maybe you can find an apartment close to the Metro so you don't have to drive your car as much.

These are all just options -- I'm young and don't have experience with this sort of thing, so what I said may be naive or even just wrong. Best of luck! I sincerely hope you find your situation improving soon!
 
You're worrying too much!!!!!!!!
Worrying is normal. Worrying to the point of getting ulcers is probably normal for someone in your situation, but it's still not healthy....
Although it's hard to control.

I can't offer any sager advice than my mothers words:

If your biggest problems are ones that could be solved by throwing money at them, your problems aren't as big as they might seem.
It's the problems you that no amount of money can fix that you really have to worry about.

You'll dig your way back out of the hole in due time. Keep struggling, take it one day at a time.
 
Alternatively, you could rent it out (enough to cover the monthly mortgage payment plus maybe a little extra).

This is a good idea if you you have an extra room handy and don't mind sharing.

Job agencies have more resources and contacts, so that is also a good idea.

Good luck.

 


<< This is a good idea if you you have an extra room handy and don't mind sharing. >>



Hmm, I hadn't thought of that. I meant that he could move to an apartment, and rent out the house to a family or something. The mortgage payment would be covered, and he could live cheaply in an apartment until he got a job, kicked out whoever was renting the house, and moved back in.
 
If I was in your position I'd also have ulcers and stress like mad but I think I'm fairly prone to anxiety. I get stressed out easily as hell. Only when 95% at least of the stuff in my life is going properly am I cool mo-dee.

Anyway you're going to have to get a job right away. I understand getting a job in IT right now can be damn hard but in the meantime you need something for income - try your damndest not to get another mortgage. Get a job at a pizza parlor or UPS driver or frigging just anything to make ends meet until you can find a new IT job. It won't be fun but I think you can handle it and there is no reason to be ashamed of it.
 
i'm willing to rent out the whole out and live in a appt that 1/2 the price. but i dont want a roommate. i dont want to risk adding to my stress by getting a roommate from hell.

anyone know of any good/reputatble property management agencies in Northern Virginia?

THX

 
XFILE, I'm really sorry to hear about your situation. It definitely sounds tough.
First, relax. Money is not everything. Take care of yourself and your health. That is much more important.
Second, get a job with a temp agency. You have skills so this should not be a problem. The pay may suck, but it'll help pay the bills.

To the person who said you could get a loan easily, they're wrong. I would know, I'm a mortgage broker. It is a violation of federal lending laws to lend money secured by your primary residence if the borrower does not have the ability to repay it. The comment of "They have a great chance of getting his house out of this," merely underscores the ignorance. First, "loans-to-own" (as they are called, a loan made by a lender for the express purpose of acquiring the collateral) are illegal. Second, you are talking about cashing out all the equity in your home, known as a 100% LTV loan. If a borrower defaults on such a loan, the lender actually loses money when they foreclose.
If your credit is still very good and you have liquid assets (cash in the bank, stocks, etc), you could get a new first mortgage on a "No Documentation" program (a don't ask, don't tell loan, no lender will ever actually do a loan for a person who is unemployed, see above) , but interest rates and fees are generally higher for those loans and the maximum loan amount is rarely more than 75-80% of your home's appraised value. The biggest problem in doing a loan like this (and it looks like this would be your problem as well), is that borrowers always wait until they are one month from disaster before they apply. By that point, their credit cards are usually maxed out and their savings are gone, so they no longer qualify.

Really, your best option is just to get back to work, even if it is flipping burgers or tech support. If you find you still need money and you don't really need the house (and being single, etc., it sounds like you may not), you could also consider cashing out all your equity by selling. In the position you are in, that sounds like a better and much more viable option than refinancing.

Good luck and hang in there.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top