Dear Sal,
My husband and I are in a dilemma. We were both working. Now, he has been laid off from his job of seven years. He is staying at home watching our child while I go to work. I am now pregnant with our next child and need my insurance from work. Daycare is very expensive. My husband makes more on unemployment than he would if going out and obtaining a minimum wage job—if he could find one. If he was working at a lower wage, we could not afford daycare, bills, or our rent. His work ethic has always been to work. What do we do? Unemployment will run out eventually, and where will we be? I know a lot of families are facing this same dilemma. What will happen to us?
Stressed out family of the age
Dear Stressed out family of the age,
Yes, you are sharing in this same dilemma as many families across our nation. Plan for your future. You are right. The unemployment will run out. Keep doing what you are doing for your insurance and to pay the bills, but your husband needs to think of a career change and put it into motion. Start the plan. Go to school, trade school, online school, which he could do at home with the child; just put the new dream in gear. Change often is a good thing and brings remarkable and unexpected results. Take the plunge! You can do this! Good luck!
Sal
Dear Sal,
I am telling you my dreadful secret. My family and co-workers have no idea what I am going through. In 2007, I refinanced my home, I wanted to remodel and take a great vacation. I had plenty of equity to draw from, eventually I learned that I was in a bad loan. I was paying interest only and getting nowhere. As the interest went up, so did my payments. What a nightmare, my job has reduced earnings due to lack of sales, I have no reserve savings, and my mortgage is strangling me. I have been getting notices from the mortgage company that I have been stacking in a drawer unopened. I just want to keep my house, and I don’t know how.
Vacation Over
Dear Vacation Over,
When a refinance is done, it should only be to improve the property and never for the purpose of a vacation. Remember, equity is a valuable commodity and should not be spent unwisely. Now that you know the loan is impossible, have you tried to refinance? How is your credit? Many are dealing with staggering credit scores and can not refinance. If you have an opportunity to get off of your existing loan, that is your best option. Never ignore a creditor or your lender. You need to take an adult pill and start making calls. When you begin action, you create results.
Most communities offer seminars on how to face these financial hardships. Call your bank and see if they can refer you to one. Find a mortgage broker that you can trust, interview them. A good one is gold. They will give you a wealth of information. Above all do not freeze or give up, hope provides opportunity.
Good Luck! I wish you the best.
Sal
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