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Forum
-> Household Management
-> Finances
amother
OP
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Tue, May 12 2020, 1:12 pm
If someone is getting 700 in unemployment and 600 PUA and has a 3k mortgage... once savings is used up, is that it? How are people going to pay their mortgage? (Pre corona salary was 150k so mortgage wasn’t a problem..) stimulus is nice, pays for one month... Scared to see what’s going to happen with the economy... it can’t be just us...
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amother
Seagreen
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Tue, May 12 2020, 1:29 pm
I am very curious about this as well. I feel like where I live everyone is just business as usual. I see women going out on shabbos matching their kids in brand new outfits. I am so curious if this just doesn't affect people where I live like it does the rest of the world.
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amother
OP
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Tue, May 12 2020, 1:32 pm
I think it honestly just hasn’t fully hit yet.. the fallout will be a disaster.. God help us all.
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amother
Hotpink
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Tue, May 12 2020, 1:34 pm
Lots of ppl will go into foreclosure. And lots of ppl are going be completely messed up because of the forbearance.
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amother
OP
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Tue, May 12 2020, 1:36 pm
amother [ Hotpink ] wrote: | Lots of ppl will go into foreclosure. And lots of ppl are going be completely messed up because of the forbearance. |
Yea, my husband was trying to hold off, but he said they’re just going to make us pay it all at once... it’s ridiculous that the govt can’t help with this. Student loans are all pushed off til September. Why can’t mortgage companies work with us?
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amother
Bisque
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Tue, May 12 2020, 1:37 pm
The impact of this isn't being felt equally. For example - businesses that got a PPP loan were much more easily able to maintain payroll.
That said - big hugs to you OP.
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amother
OP
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Tue, May 12 2020, 1:39 pm
amother [ Bisque ] wrote: | The impact of this isn't being felt equally. For example - businesses that got a PPP loan were much more easily able to maintain payroll.
That said - big hugs to you OP. |
Thank you.. I’m hoping things will iyh work out for us financially, as some things may look promising for our future (God willing!), and all I can do is hold on to hope... it does make me worried about the financial future of our country though, which will affect almost everyone.
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amother
Blush
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Tue, May 12 2020, 1:40 pm
We've been buying food on credit cards. Once cards max out, that's it. We don't qualify for SNAP or any other benefits. I guess food pantries for us.
I got one card to suspend minimum payments but they wouldn't lower the interest rate.
I have some income but it's about half what I was making precovid.
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amother
Hotpink
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Tue, May 12 2020, 1:44 pm
amother [ OP ] wrote: | Yea, my husband was trying to hold off, but he said they’re just going to make us pay it all at once... it’s ridiculous that the govt can’t help with this. Student loans are all pushed off til September. Why can’t mortgage companies work with us? |
He is right. I work in mortgages. The servicing companies are going to make you pay it at once. They may give you an option to add it to the end of the loan but then you will be considered in forebearance for all those years and won't be able to borrow anymore. (they are still working on details I think)
Also your tax portions and insurance portion will be due right away and probably won't be able to be pushed off till the end of the loan.
Another thing to know is that if you had a cosigner and go into forebearance then you will mess them up completely as well.
We have seen it on credit reports already. They are reporting to credit.
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amother
Smokey
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Tue, May 12 2020, 1:44 pm
not everyone no. plenty people were able to keep working, just from home. If people aren't able to go back to work and don't have cushioning, then yes I worry they won't be able to manage, pushing off your mortgage doesn't mean you won't have to pay it. probably more of an issue in high cost of living areas.
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amother
Babyblue
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Tue, May 12 2020, 1:57 pm
amother [ Blush ] wrote: | We've been buying food on credit cards. Once cards max out, that's it. We don't qualify for SNAP or any other benefits. I guess food pantries for us.
I got one card to suspend minimum payments but they wouldn't lower the interest rate.
I have some income but it's about half what I was making precovid. |
So many schools and food pantries are giving out free food that there is really no need to buy food right now so you can save tons of money just getting free food. Why not take advantage of this instead of using your savings?
I am also guessing that snap qualifications will change since many people are out of a job so they will have to implement an emergency qualifications. Maybe congress will include that in the next stimulus relief plan that they are voting on on Friday.
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amother
Olive
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Tue, May 12 2020, 1:58 pm
How do you get $700+600? I thought max unemployment is $504 + 600?
Some people have emergency funds with 3-6 months expenses(which everyone should aim for) some people don’t have a lost income, some people are earning more because of the extra $600.
Sending hugs!
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amother
Oak
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Tue, May 12 2020, 2:13 pm
amother [ Babyblue ] wrote: | So many schools and food pantries are giving out free food that there is really no need to buy food right now so you can save tons of money just getting free food. Why not take advantage of this instead of using your savings?
I am also guessing that snap qualifications will change since many people are out of a job so they will have to implement an emergency qualifications. Maybe congress will include that in the next stimulus relief plan that they are voting on on Friday. |
I live in LA. No one is giving food at all. I wish I had food that will be delivered to me. I’m also tired of staying home and cooking all day. Btw the mortgage company is letting us skip payment. I’m not sure for how long though.
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amother
Tan
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Tue, May 12 2020, 2:16 pm
[quote="amother [ Hotpink ]"]Lots of ppl will go into foreclosure. And lots of ppl are going be completely messed up because of the forbearance.[/quot
Can you please explain why forbearance will mess us up? Thanks
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amother
Babyblue
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Tue, May 12 2020, 2:31 pm
amother [ Oak ] wrote: | I live in LA. No one is giving food at all. I wish I had food that will be delivered to me. I’m also tired of staying home and cooking all day. Btw the mortgage company is letting us skip payment. I’m not sure for how long though. |
Sova seems to be open in the valley-- https://www.jfsla.org/SOVA
Here are some other pantries that you can check out (remember that produce and eggs do not need a hechsher and many items like canned food or pasta may have OU so even getting just these items can go a long way in saving money). You may want to call first to see if they are open/available.
https://www.foodpantries.org/c.....geles
https://www.lafoodbank.org/
https://www.trz.org/food-pantry
Good luck!
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amother
Oak
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Tue, May 12 2020, 2:46 pm
Thanks. Do I need to qualify for this. Dh won’t agree to go to a food bank. He is too picky about his food. We make too much money even though we have huge debt.
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amother
Taupe
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Tue, May 12 2020, 3:00 pm
amother [ Oak ] wrote: | Thanks. Do I need to qualify for this. Dh won’t agree to go to a food bank. He is too picky about his food. We make too much money even though we have huge debt. |
Your husband needs to get over his pickiness right now if it will help you to have stable finances.
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amother
Lavender
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Tue, May 12 2020, 3:16 pm
amother [ Seagreen ] wrote: | I am very curious about this as well. I feel like where I live everyone is just business as usual. I see women going out on shabbos matching their kids in brand new outfits. I am so curious if this just doesn't affect people where I live like it does the rest of the world. |
Some people are doing better than ever. Some businesses are booming and sadly some people lost money and some people that made very little money is making more on unemployment that they don’t want this to end. And some people businesses this hasn’t affected at all it’s the same.
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amother
Lavender
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Tue, May 12 2020, 3:18 pm
amother [ Blush ] wrote: | We've been buying food on credit cards. Once cards max out, that's it. We don't qualify for SNAP or any other benefits. I guess food pantries for us.
I got one card to suspend minimum payments but they wouldn't lower the interest rate.
I have some income but it's about half what I was making precovid. |
Right now food stamps is open to all they made qualifications very easy so re apply
Again you might be surprised that you can get it and they are giving more money now more than ever.
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amother
Natural
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Tue, May 12 2020, 3:30 pm
Meanwhile, in those countries often derided on here as "socialist", the economic blow to citizens has been cushioned by forward thinking government regulations instituted in March.
My mortgage has been deferred for 6 months with no negative consequences.
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