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Please Please! Calm me down!

post #1 of 13
Thread Starter 
I'm absolutely panicked right now and have no idea what I'm going to do or who else to tell

We bought this house last July. We didn't overspend and budgeted everything down to the last penny just to make sure we weren't buying over our heads. Everything was great...

... and then this year, like everyone else in Florida, my homeowner's insurance doubled for no reason. I never made a claim... nothing. It's just all the insurance companies having a heart attack after Katrina (even tho they apparently have record profits for the past few years... sheesh) Anyway, so now I have to come up with extra money for this. I budgeted for an increase, but didn't budget that much - there was no precedent for it increasing that much, so I had no idea.

... and then my taxes are going up... not by the standard 3% per year house cap... since I only get half an exemption this year, it's going up another $1000 or more. Great.

And while all of this worried me... I figured I had 6 months until my mortgage company was going to want the extra escrow... so I had time to plan for this... except I just got an email from my boss asking me to come in on Wednesday, and I just have a gut feeling that she is going to lay me off.

The company has no money, and I understand that. Everyone has been taking off unpaid days off for the past few months just to cut down on costs.. which left me $300 short last month... but I was willing to do it to help people out. Now I'm pretty sure I'll be losing my job on wednesday... this poses a few problems...

1. Can't pay the bills with no paycheck
2. I make more money than DH and his salary won't cover it
3. My job is ridiculously specialized and jobs in my field are currently non-existant.
4. If I switch industries, there is no way I'm going to get paid what I'm currently being paid.
5.If I do take a lower paying job, where is the money for the extra taxes/insurance going to come from?

So I don't know what the heck to do. I'm in an absolute panic over this.... and right now I can't see any light at the end of the tunnel. I want to... but oy! This is just so scary!

Ok, I'm done venting now Sorry... I just needed to get it off my chest....
post #2 of 13
wow hun, i am soo sorry! ((((hugs))))))


what is it that you do?
post #3 of 13
Oh no, what a mess! I can understand your worry! I will send vibes your way to cover the job, the house and everything money related, as well as some general calming vibes your way! Hopefully you are mistaken about the layoff!
post #4 of 13
Thread Starter 
I do uninsured title searches and easement searches for a title company.

But with the mortgage industry taking a nosedive, the title industry went with it. I keep watching this site (http://ml-implode.com/) and with every new lender that goes under, I knew the chances of keeping my job were getting slimmer.

The problem is most companies only hire examiners to do insured searches, and even those jobs are currently non-existent. And the rest of the companies left that do uninsured searches are farming all their work out to India... so I'm really up a creek here.
post #5 of 13
Oh sweetie! I know your going through a tough time right now. It'll be OK, I promise!
post #6 of 13
O.K. take a deep breath. Assuming you are laid off, you still have choices. Here are some possiblities:

1) Work two jobs to meet the bills. Husband should think about getting an additional job, too. It doesn't have to be forever - this is an emergency.

2) Consider downsizing (after July to avoid capital gains tax). What about a smaller house or condo? Or even rent for a while if the rental market is reasonable. Just until the budget is under control.

3) Apply for jobs in your field in another city.

4) Consider changing careers.

Without knowing all the details, it sounds like you need to move. Better to do it by sellling the house now, than have it taken away in the future. Just keep trying and things will work out! I wish you all the best.
post #7 of 13
Thread Starter 
Quote:
Originally Posted by SwampWitch View Post
O.K. take a deep breath. Assuming you are laid off, you still have choices. Here are some possiblities:

1) Work two jobs to meet the bills. Husband should think about getting an additional job, too. It doesn't have to be forever - this is an emergency.
This is my first option... right now I'm just hoping I can find two jobs that will cover the bills. It's like I told DH... I'm not so much worried about finding a job... I mean I could go flip burgers... but that isn't going to cover the mortgage...

Quote:
Originally Posted by SwampWitch View Post
2) Consider downsizing (after July to avoid capital gains tax). What about a smaller house or condo? Or even rent for a while if the rental market is reasonable. Just until the budget is under control.
We bought a very small house and actually got it for a little over $30K under appraised value... so even the smaller houses are going to be more than I paid for this one. And even if I thought selling would save me money, no one is buying in my area right now. My neighbor has had his house on the market for over a year and my other neighbor had her house on the market for 9 months. He still has his on the market... she got sick of it and pulled hers off. It's sort of a catch-22.... If people were buying, I'd still have a job... now I probably won't have a job, but I can't sell because no one is buying...

Quote:
Originally Posted by SwampWitch View Post
3) Apply for jobs in your field in another city.
There aren't any. I just did a nationwide search for anything in my field and there is currently one job opening - in Iowa.

Quote:
Originally Posted by SwampWitch View Post
4) Consider changing careers.
See here's what really burns me. I was planning a career change anyway, but I also thought I had time to go to school (online - which would take less time). Now a career change is going to make me less money... which means I'll probably have to work two jobs... which really doesn't leave time for school. It's frustrating as .... but I'm trying to look at it as maybe this was just the push I needed.... or something... I don't know... this is just so confusing...

I'm sorry I don't mean to bash your ideas or anything... I'm just feeling low on options right now and its making me cranky
post #8 of 13
I don't have any solutions. Do you have a room you could rent out? Sending lots of vibes that things work out well for both of you.
post #9 of 13
Oh no, I don't have any ideas/solutions either, but all I can offer is a hug!

Things will get better, they always do!
post #10 of 13
Oh goodness.... I totally know how you feel! Hubby and I were in a similar situation not too long ago.

It stinks... but my husband had to pick up a second job (I'm guessing yours willt oo, even if it's only $8/hour... it's still $400 a month more for us!). I had two low-wage jobs for a while (while I was in school-- it can be done! I about killed myself, but... got us into a better place financially) until my husband found another good-paying job.

There is a light at the end of the tunnel, even though it feels like you'll lose everything. Just remember to take it one day at a time, don't be afraid to downsize if you need to, and be willing to work hard for extra cash if living relatively comfortably is that important to you. It's temporary.

Waitressing is a great part time job to add on to a full time one. It would never be enough money full-time, but as a part-time job, you won't find another where you make as much per hour. I suggest working with a temp agency during the day and working evenings at a restuarant.
post #11 of 13
If you're able to get insured through your husband's work, you might see if your company would keep you as a contractor, without benefits, but at the same salary. Maybe that would be enough of a savings to make a difference to them. Or maybe there's some other alternative arrangement you could propose to them.

I don't know much about your business, but it seems to me that someone with your background could be extremely useful in a legal office or a bank, or in the legal or financial department of a corporation. Wherever extreme accuracy and attention to detail are needed, you could do someone a lot of good!

Don't panic... you have options, from a new job to an extra job to a move that could reduce your overhead... you and your husband will find a way to make it work. I'll keep you in my thoughts...
post #12 of 13
Thread Starter 
Thank you guys so much

I'm feeling a lot calmer now.. it was just everything hitting all at once... it seemed like too much to handle.

I took myself out for coffee today... it just gave me an excuse to drive and think. During my drive I started thinking back on some of the other tough spots I've been in and thought to myself 'you know what? I'm one tough cookie!"

I was brave enough to leave a job with no backup plan when they told me to commit multiple counts of fraud (prison orange really isn't my color ) I was brave enough to start a new life for myself in Florida when things took a turn for me in NY - even though I knew no one here. I was brave enough to start a business at 22. I entered the title business a million years ago with no knowledge at all... taught myself what I needed to know and then fought my way up.... and I *CAN* do it again.

It's scary... and it'll be scary for a little while... but looking back I've always found a way to fight through anything.... and now that I'm done having a panic attack... I'll power through!

But thank you all for all your thoughts and vibes And thank you all for listening. It just felt overwhelming and I needed to vent... but now that I've taken a little stock in myself, I feel much better about it.
post #13 of 13
What I would recommend is to contact all your financial institutions that you have loans with. The company that holds your mortgage should be willing to help you. With foreclosures on the rise-its not a winning situation for either yourself or your mortgage company. Check with your insurance company about increasing your deductible on your homeowner's policy. In the Wall Street Journal they recently had an article about the insurance problems in the coastal state-some states are offering their own coverage -check to see if Florida is one of them. As for your tax increase-does the tax office have open books hours/days that you can gather some ammo to dispute the tax increase. As for the job-when we switched banks for our line of credit we had an independent mrtge closer come to our house for the paperwork-perhaps something you could do??
Good luck.
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