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Still up in the air

March 8th, 2010 at 03:33 pm

The company my hubby works for has officially lost their big job and because of that they laid off the afternoon guy and cut the part time guy down to 10 hrs. a week. Things are looking pretty grim. Some of you said to try and apply for other jobs but if his boss ever found out he was looking elsewhere then they would lay him off immediately because it would look like he wasn't a loyal employee. There really isn't anywhere else to apply anyways because all the places he knows of around here are also doing layoffs or have completely shut down. Friends and family of ours in the same field have been trying for a year+ to find a job with no luck.

We couldn't possibly sell our house either because we owe $180,000 and the houses in our neighborhood are selling right now for $110,000. The best we could hope for is a short sell. We also got the $7500 tax credit for first time homebuyers and I don't know how we would be able to pay that back also if we lost the house. I would hate to use our whole savings on the house and then lose it anyways and be too broke to start over. Nevada no longer has extensions on unemployment and so we would only get about 3 months of unemployment pay and I don't feel confident in hubby finding a job around here in that short a time.

I was talking to my mom and she feels like we should just move to Ca with her as soon as he gets laid off and try and keep what money we do have. Anyways were still a little stressed here but still hoping for the best.


Posted in Personal Finance | 10 Comments »

10 Responses to “Still up in the air”

  1. Joan.of.the.Arch Says:
    March 8th, 2010 at 03:54 pm 1268063685
    1268063685

    Have you all thought of applying for distant jobs where the punitive boss would not know there were applications being made?...I take it your DH is in an industry (was it quarrying?) that is depressed nationally, not just in NV, so I know the odds may be against him....This must be nerve wracking.

  2. lilmama Says:
    March 8th, 2010 at 04:08 pm 1268064482
    1268064482

    yes, he isa heavy equip. operator. The only thing is that he would need to use this job as a reference.

  3. creditcardfree Says:
    March 8th, 2010 at 04:29 pm 1268065744
    1268065744

    Can heavy equipment operators work in other industries? Even if he doesn't apply for work now, he needs to think outside the box of the quarry industry to the skills he has that are transferable to another type of job or job(s).

    Can he get part time work doing something else? Home Depot? I would think the current employer would give references to a job that is not related to his current field. As long as part time job doesn't conflict with full time job hours.

    Can you find additional employment to soften the blow? If you moved with mom, would you be earning ANY income? Would you just walk away from the house, or would you rent it out?

    I'm only asking questions to help you think of other options! I wish you all the best.

  4. lilmama Says:
    March 8th, 2010 at 04:55 pm 1268067347
    1268067347

    Hmmm, I don't think we rent the house for the amount of our mortgage. The house next door is renting for $1000 and we would need $1350 to break even.

    He couldn't work part time now because I work when he's not since we don't have any one to watch the kiddies. Maybe after he got laid off though. The only thing is he never graduated HS so it would narrow down a lot of choices.

    I think if we moved with my mom I could find something, and at least she could watch the kids for us so we could both try to find something without having worry about working around eachother's schedule.

  5. creditcardfree Says:
    March 8th, 2010 at 06:31 pm 1268073091
    1268073091

    Can your husband start working on his GED?

    At least $1000 per month in rent wouldn't drain your savings nearly as fast and allow you to keep your home until it can be sold or work picks back up where you could live there again.

  6. carterfinance711 Says:
    March 8th, 2010 at 07:49 pm 1268077761
    1268077761

    Could your husband apply to something in a different field? Or maybe he could look for a job and not apply but maybe make a list of possibilites for IF he gets laid off. Also, what about renting out your house? That way you could KEEP it and pay your mortgave with the rental income. ANd then you could move with your family and save money and THEN move back to your house. It's a lot to think about but there are lots of options for you. I wish you the best and hope you can figure something out soon! Good luck. Hang in there.

  7. carterfinance711 Says:
    March 8th, 2010 at 07:51 pm 1268077917
    1268077917

    ok I just read an above comment where you said you don't think you can get enough to cover your mortgage. You could rent out for as much as possible. Maybe leave some of your stuff in there that you won't need..that way whoever rents could have some furnishings. You can get as much as you can from rent and then pay the rest out of pocket. It would still be cheaper than staying in the house. AND you would have the option of moving back in once you get back on your feet.

  8. Homebody Says:
    March 8th, 2010 at 10:42 pm 1268088138
    1268088138

    I would cut back on expenses to bare bones and deal with it when the time comes. I think a lot of people in this economy are going to have to start over. Hang in there.

  9. lilmama Says:
    March 9th, 2010 at 06:01 pm 1268157676
    1268157676

    Thanks for all the great suggestions. As for now, there are two guys who will be laid off before hubby so hopefully we have some breathing room. I'll have to ask hubby about renting the house for less. If we stayed with my mom we wouldn't need any furniture...do you usually get more rent if it comes furnished? It would make me a bit nervous though because some of the things we have are really nice and would be pretty costly to replace if the renters were to mess them up.

  10. Jerry Says:
    March 12th, 2010 at 03:06 pm 1268406389
    1268406389

    That is the biggest concern with renting out a house - we are in the same boat, and it always leads to a little stress worrying about whether people will treat the place nicely. There is no insurance about stuff like that, but if you do complete background checks and are very selective you can rent it out for more with the furnishings. Good luck!
    Jerry

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