Kinda Fucked - bills due on the 1st, only asset is equity

[Anonymous No.11419689]

So here's the situation in a nutshell: I do not have the cash to pay my mortgage and HOA fees for next month, much less power/water/etc. I am unemployed and have run through my savings and the unemployment benefits in my state are absolute dogshit that cover nothing.

Right now I'm praying that I'll be able to take out a HELOC or a cash-out refi but with unemployment as my only income that seems dubious at best, and payday loans are limited to the point where it won't cover what I need.

Do I have any real options here besides the HELOC? Is there any way I can leverage the massive amount of equity I have given my low income and high income/debt ratio?

[Anonymous No.11419693]

>>11419689
Offer them your bitcoin

[Anonymous No.11419718]

>>11419689
>spending more money than you are making
>want to take out loans instead of downsizing

retreat is tactical. Fleeing is not.
You are very close to fleeing.
Sell the house and reassess where you are in life. Taking out loans without realistic goals is suicide.

[Anonymous No.11419724]

>>11419689
Write a check and overdraft your account. You DO have an overdraft LoC... right?

[Anonymous No.11419733]

>>11419689
Get a fooking job.

[Anonymous No.11419736]

>>11419718
>spending more money than you are making
I'm looking for a job, unemployment is not a long-term plan.
>downsizing
I have a mortgage, renting would be more expensive.
>sell the house
You can't sell a house in two weeks

[Anonymous No.11419742]

50x short on bitmex

[Anonymous No.11419783]

>>11419724
>You DO have an overdraft LoC... right?

Curious how much yours is as mine is only $500...

[Anonymous No.11419786]

>>11419724
I have Overdraft Protection tied to me near-empty savings account, and I have the option to pay a small fee for Overdraft Privelege, but that doesn't seem helpful.

[Anonymous No.11419845]

So what I'm hearing is no - there is no better option than a HELOC and my only alternatives are overdrafting by a significant amount or taking a horribly expensive payday loan.

Sucks to have 100k in equity and no way to fucking use it

[Anonymous No.11419901]

>>11419689
So you have no family that you can borrow from? How much cash do you need? Go drive for uber. Sell your shit on eBay. Beg on biz under disguise that you need ideas. >>11419689

[Anonymous No.11419937]

>>11419901
>So you have no family that you can borrow from?
Right up until my job got moved to India I was the one my family borrowed from. I can possibly borrow a small amount but there's very little chance I'd be able to put together a month's worth of bills from family loans.

>how much cash do you need
My bills are around 1,300-1,400 dollars a month including power/water/food/etc. AFAIK payday loans in my state can't exceed 500 bucks and I could probably only get about 500 from family.

I don't have much shit to sell but I guess it's my only option if I can't get a HELOC.

[Anonymous No.11420029]

Apply for a HELOC, if denied apply for a 2nd mortgage, if denied apply for a personal loan.

If all three fail you’re probably out of luck. Honestly, banks have no incentive to lend money to somebody with no income, so if I were you I would be mentally preparing myself for that reality.

The good news is that you can be delinquent on your mortgage for four months before they initiate the foreclosure process. So if you can get a job in the next four months, then you’ll be able to start making payments again and eventually you can catch up on your loan and be current.

[Anonymous No.11420044]

>0.00082 in BTC
>~$18 cash
>-$78 in bank
>Got fired four months ago
>Can't get a job
>$35k in debt
>rent due on 3rd
>no one wants to buy whatever i'm trying to sell
>borrowed from everyone i possibly can

I just take it one day at a time at this point. sleep+hoping i don't wake up the next morning is how i cope.

good luck anon

[Anonymous No.11420046]

or... you know, sell

[Anonymous No.11420060]

>>11419736
If you sell your house cheap enough you will have buyers

[Anonymous No.11420086]

>>11419689
Short answer: No.
Longer answer: I don't think so so, no.

[Anonymous No.11420101]

>>11420029
Sound advice. You might not sell the house in 14 days, but you can before it's foreclosed.

Best route, OP. Call a real estate broker and see what can be done.

[Anonymous No.11420119]

change your brokerage account to a margin acct, and you can borrow against your equities without selling. Only do this if you are diversified and pretty sure the market will rise over the length of your borrow. If you hold divy stocks and the market rises the margin loan will pay itself off

[Anonymous No.11420125]

>>11420101
>>11420029
>>11420060
Assuming I can't get a HELOC and private loans won't cover it this may be my best option, though I'm extremely hesitant to short sell my home when I've got so much equity in it.

I'd much rather go a bit into debt and get through this rough patch than sacrifice tens of thousands in equity for a short sale.

[Anonymous No.11420491]

>>11419718
Cringe and bluepilled. Flee to Europe in order to avoid debt collectors.

[Anonymous No.11420502]

>>11419689
>HOA fees

What a fucking cuck. You'd be better not paying and getting a different house.

[Anonymous No.11420598]

I'm in a similar boat op, except I can cover mortgage and utilities. Last month I took 1k against the house to cover. I got blown out by an expensive car repair and ticket. My job relied on my car so now I'm unemployed as well. I'm currently building an addition to my rental property that I could live in to reduce my expenses below my side income, but it won't be done for a few months. Trying to repair my motorcycle with my last money, so I can sell and cover the ticket. Christmas is coming quick too, might have to make some art for gifts or something since I'm so strapped for cash. applying for jobs too, obviously

[Anonymous No.11420651]

>>11420502
I have far and away the cheapest monthly expenses in the area. Renters and other owners pay in excess of 2500 dollars in mortgage/HOA/rent alone while I pay about 1500 in all expenses including entertainment. One of the reasons I have so much equity is that I bought the property as a foreclosure at the bottom of the market.

[Anonymous No.11420764]

>>11420651
>foreclosure
I thought you needed the cash up front for foreclosures.

[Anonymous No.11420793]

>>11420764
Quite the opposite. This was during the peak of the foreclosure crisis and banks were desperate to offload properties. Judging by comps at the time I got the property at a 30k dollar discount with 3% down at the bottom of the market. That's why I have so much equity but no liquid assets, it's all from appreciation.

[Anonymous No.11420804]

>>11420651
Why don't you rent your house for profit then you fucking retard?

[Anonymous No.11420825]

>>11419689
>he fell for the mortgage jew

[Anonymous No.11420832]

>>11420793
Sooner or later you are going to default on your payments, consider selling your House and take the money even at a loss.

[Anonymous No.11420841]

>>11419736
>I'm looking for a job, unemployment is not a long-term plan.
Then why did you run out your savings already?
You're living way beyond your means.

[Anonymous No.11420842]

>>11420793
Im actually looking for advice because I was looking at buying a foreclosure.
I cant tell if you are larping or not so ill just look back into it.

[Anonymous No.11420873]

>>11420793
Wait if you already have so much equity in the house and you bought it at the bottom of the market, why don't you just sell it?

[Anonymous No.11420922]

>>11420793
Found it. Apparently you are required to pay a portion in the beginning in cash but I dont see anything about how much you are required to put down.
I have 100k on hand so I think I should be good.

[Anonymous No.11420929]

>>11420841
>Then why did you run out your savings already?
I spent a good six months on building my own revenue streams and failed. I've been looking for a job for two months. I ran out of runway.

>>11420842
not LARPing but I doubt you could get the deal I got these days, judging by the fucking ridiculous overvaluations I'm seeing on comparables we're at the tippy-top of the market.

>>11420873
>>11420832
I like my home, I understand that it's an investment but I like living here and there is a time and emotional cost to selling. I'd like to avoid it if possible. There's also the fact that buying it so cheap means my cost of living in this area is significantly lower than it should be.

Selling would be an immediate gain, but also likely an immediate 1,000+ dollar per month increase in my cost of living.

[Anonymous No.11421009]

>>11420929
> Unemployed with less than a years worth of savings
> "Now is the perfect time to kick start my hastily planned buttcoin mining business"
You're bad with money AND you live outside your means.
Don't start a business with your own life savings when you've got a fucking mortgage you retard. Save that shit for when you're financially secure.

[Anonymous No.11421030]

>>11421009
Thanks for the useless judgment, friend-o.

Got anything to contribute re: HELOC's, short sales, etc. or are you just gonna masturbate?

[Anonymous No.11421034]

>>11420929
Nah my issue isnt with how much you paid. It was that I was told you needed the full value in cash.
You can get really good deals on foreclosed properties.

[Anonymous No.11421068]

>>11421034

that is referring to the inability to get traditional financing on homes in need of repair.

assuming the home was in good condition you could probably get an fha loan

[Anonymous No.11421073]

>>11419689
Sell your house ASAP
Rent a small, cheap room somewhere
Reevaluate your situation at that point

Right now it's like you're in an ocean with a boulder strapped to your ankle. You need to cut the boulder off and swim back to financial safety.

[Anonymous No.11421089]

>>11421030
> useless judgement
I'm trying to help you, you dumb nigger.
You're going to be living in a fucking box within the decade if you don't stop acting like you're entitled to be rich.
All the memeposting about people gambling with their life savings is coming from 19 year olds in college.
You can't keep doing stupid shit with your money like buying houses you can't afford because or going in to risky ventures when you find have any actual wealth.

[Anonymous No.11421104]

>>11421030
> useless judgement
I'm trying to help you, you dumb nigger.
You're going to be living in a fucking box within the decade if you don't stop acting like you're entitled to be rich.
All the memeposting about people gambling with their life savings is coming from 19 year olds in college.
You can't keep doing stupid shit with your money like buying houses you can't afford or going in to risky ventures when you don't have any actual wealth.

[Anonymous No.11421109]

>>11419689
Put everything into XMR

[Anonymous No.11421157]

>>11421104
>if you don't stop acting like you're entitled to be rich.
Motherfucker if you could read my expenses are less than 1500 a month. My income before my job was lost was 50k. Fuck off.

[Anonymous No.11421176]

>>11419845
>Sucks to have 100k in equity and no way to fucking use it
Sounds like you wont even have that much longer. Maybe make a budget, an emergency fund and plan ahead next time. And they are literally giving jobs to anyone with a pulse right now.

>I spent a good six months on building my own revenue streams and failed. I've been looking for a job for two months. I ran out of runway.
Jesus christ. You've had 8 months to prepare and you are asking for help with 2 weeks left. GL anon. You're gonna need it.

[Anonymous No.11421181]

>get off this fucking website
>find a way to make some consistent money

2018 btw

[Anonymous No.11421182]

>>11421157
>50k a year in income
>18k a year in expenses

Why the fuck don't you have an emergency savings? You know, that thing you can fall back on for 6-12 months in case you lost your job.

[Anonymous No.11421223]

>>11421182
>You know, that thing you can fall back on for 6-12 months in case you lost your job.

[Anonymous No.11421261]

>>11421223
Read what? You said you had a savings, obviously not nearly enough. You should have enough savings to last 6-12 months of unemployment. I'm sorry you're a retard who can't effectively plan.

[Anonymous No.11421276]

>>11421157
Are you really this fucking stupid or are you just pretending?
You got a fucking house in an expensive area at a discount, then when you lost your job, you gambled away your fucking savings.
You only gamble when you actually have money to gamble. If pissing away your savings when you have a huge debt isn't entitlement I don't know what is.

When you got that house you didn't fucking buy it, you just got yourself a fuckton of debt. It's not equity until you actually sell it. As you can see now by the fact that you're fucking broke. And you're about to piss away all that "valuation" you gained paying back interests on a HELOC.

[Anonymous No.11421282]

>>11419689
Been there done that. Couldn’t tap equity or refinance and pull cash. Sold all my belongings, over drafted, took hard money loans. Was a dark part of my life.

[Anonymous No.11421291]

>>11420929
Rent it out

[Anonymous No.11421292]

>>11421223
>have emergency savings for 12 months
>fuck around for 2 months
>start the dream startup
>8 months remain
>"oh shit better look for a job i'm going crazy here"
>10 months in
>startup going nowhere, no job offers
>"well I guess I'll need to swallow my pride and apply at mcdonalds"
>"don't want to fuck everything up and lose the house while I get things back on track"

that's like, bottom tier responsible thinking btw.

[Dingo No.11421298]

>>11419937
>India
>Money

Pick one OP

[Anonymous No.11421328]

>>11419689
What are your chances of getting a job soon/ getting a job where you’ll be able to pay your expenses plus debt?

[Anonymous No.11421333]

>>11421276
>you'll lose 100k paying back interest on a HELOC being spent at 1500 a month
>at a rate of 4.25
You may be retarded

[Anonymous No.11421343]

>>11421328
High. If all goes well I should be employed by this time next week for around 42k. Doesn't help me make this month's bills and there's always a chance the offer will fall through.

[Anonymous No.11421384]

>>11421333
Do you understand how money works?
He said he bought the house that was out of his means as an "investment".
I'm saying he will lose all the valuation (gains) he made from that "investment" by having to take out loans for an indefinite amount of time.

[Anonymous No.11421417]

>>11421333
He's obviously not going to lose the entire valuation. He's going to lose the net gain in valuation the house has made since he bought it.

[Anonymous No.11421477]

>>11421417
It would take a full year without new revenue to pay less than 765 bucks in interest.

HELOCs are not cash out, they're a line of credit. You only pay interest in what you take out.

[Anonymous No.11421533]

>>11421477
You said you're going to take a lower paying job meaning you're going to be an even bigger percent of your income on just housing.
You're not going to be paying that thing back in a year even if you started working right away.

[Anonymous No.11421571]

>>11421533
>you won't be able to pay back 1500 dollars plus 63 bucks in interest
>if next month you make 3500 dollars
I'd say you mean well but numbers are important, but you don't actually seem to mean well.

[Anonymous No.11421774]

>>11421571
> What are taxes
> What is health/car insurance
> What are emergencies
And if you start next month it's still going to be like 3 weeks after that, that you even get your paycheck
Also also said you had quite a few people rely on you financially
Also you've still got to pay back your own debts

You're talking about a debt that's 42% of your monthly income, that's not going to go away quick

[Anonymous No.11421813]

>>11421571
Hi OP,
What kind of job did you have before and what are you looking for now?

[Anonymous No.11421821]

>>11421774
> What are taxes
> What is health/car insurance
> What are emergencies
Things I've already included included in my monthly budget

>You're talking about a debt that's 42% of your monthly income, that's not going to go away quick
Except it will literally go away next month if I get the job as I'll only take out 1500 or less to begin with.

I know you really want a win here for some reason, but you're being retarded.

[Anonymous No.11421850]

>>11421813
I was a sysadmin for a small business and then a developer/consultant for a telecoms company. I'm basically looking for anything in IT that pays more than 38k.

[Anonymous No.11422444]

>>11421850

did not read the whole thread, but attempt to get into networking (Cisco/Juniper)? Pretty good and stable entry level on-ramp at a decent salary. If you want a career then shoot for certs around 5G and prepare yourself for the roll out around 2020, you'll be golden then. In between then. life is gonna be hard, but with a sysadmin background you have a very decent chance in networking.

[Anonymous No.11423107]

>>11419689
sounds like your right fucked bruv. Chin up eh wot stay calm and carry on.

[Anonymous No.11423144]

>>11420044
checked. made me feel better. good luck anon

[Anonymous No.11423466]

>>11422444
What's a good source for 5G certifications and other telecommunications training?

[Anonymous No.11423489]

>>11420044
go 100x long that 90$ on bitmex

[Anonymous No.11423602]

There's a few things you can consider.

1. Just ring your creditors, explain the situation, and ask if they will allow you to delay some payments. Most will, especially if you have a strong history of repayment.
2. Rent out your house and/or a room until you get a job.
3. Take odd-jobs cleaning on Craigslist until you find a real job.

>>11420651
>Renters and other owners pay in excess of 2500 dollars in mortgage/HOA/rent alone while I pay about 1500 in all expenses

[Anonymous No.11423733]

>>11423144
thanks anon. count your blessings if you're able to pay rent, afford three square meals a day and have clothes to wear.

>>11423489
haha you tryna make me kms anon?

[Anonymous No.11423768]

>>11419689
Pfff what a bunch of fucking boomer-tier losers!
>Get a job, OP
>Try and call your creditors to reschedule payment
>Chin up and carry on m8t

Dude, you're living the life of a little beta-cuck pussy bitch because you're thinking like one.

>Ooh ohh, but muh credit
>Muh repayment history
>Muh bills

YOU NEED TO RETRIEVE YOUR BALLS OUT OF YOUR LITTLE UNTOUCHED BABY PUSSY AND GO OUT LIKE A REAL MOTHERFUCKING ALPHAGOD and rob a bank.

[Anonymous No.11423802]

>>11420491
Fuck off we're full >:(

[Anonymous No.11423846]

go all in on brapcoin