We need help......

[Daydream Believer]

Long story made short:

Our income will be going from 6k+ per month down to about 1800. per month. DH is retired and unable to work much at all due to an old back injury. If I was able to find work (doubtful in this economy) I would make minimal wage because I do not have any schooling beyond high school. We also have a 3 year old daughter.

Our payments:

PITI Mortgage - $1649.
HELOC (interest only) - 75.
Loan #1 - 218.
Loan #2 - 347.
Sam's CC - 75.

Utilities - 250.
Heat - 300.
Phone & Interenet - 100.
Cell Phones (contract) - 100.
Dish Network (contract) - 60.
Car Insurance - 140.

And of course this does not include groceries, fuel, etc.


We would not benefit from trying to do a re-fi on the house because we have only paid 3 years on a 30 year mortgage. And we owe approx. 30-40k more than what the house is worth right now. Our vehicles are older and not worth very much at all.


The only option we can see right now is to let the house be foreclosed on. Then we would end up with our credit totally ruined and living in an apartment.

(I am double posting this - not sure which forum would be better)



Any suggestions would be greatly appreciated.......

[lisaflex]

good luck to you.

maybe you can find a serving job? the tips would be good especially now during the holiday season. just a though

[MaryCarney]

Never assume you can only find minimum wage!! How about starting an in-home child care?? Esp. if you offer hours beyond the usual day shift worker needs, you can do quite well with low overhead. Could you clean houses??? What kind of work did DH do before he retired??? Even if you DO get a job at minimum wage, it would be income - and income is what you need right now.

[Judi Dial]

The one thing that struck me was your utilities. See if your utility companies have either a nonpeak hours discount or hardship discount? Also, if your DH is a vet, he can get health care free thru the VA. (You and the kids can't, but he can, or at least that's the way it is here.)

See if your state unemployment/food stamps/SNAP office has a benefit calculator. NH does.which is how we found out about the health insurance (above).

IHTH!

Judi

[MaryCarney]

Regarding your cell and dish payments - just because you have a contract, it is often cheaper to cancel them to carry through to the end of it. Do you have numbers on this?? Also, Your car insurance seems really high - have you notified your insurer that DH no longer works?? (I am assuming he drove to work)

[mama2James]

I would definately suggest that you find any work you can at this point. You should be able to pay most, if not all of your mortgage payment from your income if you find full time work. Perhaps later on, if the market improves, you could look at selling the house and buying something more affordable. Like a previous poster said, you need INCOME right now and if I were you, I'd do anything I was capable of to earn a paycheck.

[lisaflex]

have you bartended before? i dont want this to sound bad, but, getting a bartending job near the local unemployemnt office is sure to help out in your situation. now i am not saying that people on unemployment go that bar, but, it does happen.....

also, bartending near a factory that has 24 hr shifts is great money! as long as the bar is open at 7am...lol.

[bumplett]

your utilities seem unusually high.

cancel home phone & internet - no need for home phone when you have cells, and the internet is free @ the library.

get a roommate?

[bumplett]

how would unemployed people pay for hanging out at a bar? hmmm.....

[lisaflex]

believe me...it happens.......been the bartender and seen it.....

[AnW819]

Just because you only have a highschool degree does not mean minimum wage. I did not even finish high school and have always made more than minimum wage and that was at a grocery store!! Even MacDonalds pays well.

[NikoSan999]

We had Dish Network until Dec of last year. We were still under contract. When our hardship happened I called them and told them the situation and they let me cancel it with no problem.

Cell phone...don't know who you have but Nextel dosen't give a crap what your situation is.

Electric companies have off peak hours. Ours is after 9PM until 7AM. That's when we do laundry, dishwasher if ran, showers after 9 etc.

You have $250 listed for utilities but also have gas, phone etc listed. I assume this is electric. That is sky high if not heating with electric. Is every light in the house on? Something is eating your power.

If you find a job you won't need a sitter because he's home. If you find one part time you might be able to find a second one part time also.

I'm sure you're eligible for WIC with the 3 year old and she should be eligible for state health insurance I would think. Here it's called Kid Care.

Check with Dish. They might cancel.

[aprilrain1024]

This article, as well as the related articles have alot of useful info. Hope this helps.

http://articles.moneycentral.msn.com...cs.aspx?page=1

[rowdy35]

i would put the house on the market as a short sale. Get out from underneath that loan. then move to an apartment that you can afford & do the other things the other posters have suggested.

you can no longer afford the house payments so you will have to sell it. I am going thru this myself and it's not that difficult.

You will be just fine, hang in there.

[3tomboys]

Don't feel that you can't get a job above minimum wage with just a high school diploma. My daughter who graduated high school in June got a job at a bank making more then minimum wage. Prior to that job she made sandwiches at a sandwich shop. She did make minimum wage but the tips made up for it. Put yourself out there you might be suprised at what is available.