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Refinancing the house etc. due to pending job loss? Login/Join 
Member
posted
I need some ideas pretty urgently. I have the 70ish days to get a medical exemption to the c-19 vaccine approved or lose my job. Odds of getting an equivalent job are very poor with the mandates.

So, besides keeping spending to a minimum and selling off the toys, what are the thoughts on refinancing the house from a 20yr back to a 30yr? Currently 18mths into the 20yr refinance from spring of 2020. We have a large amount of equity currently but does us no good as the price of homes has skyrocketed to wipe out that advantage.

Also, I’m trying to weigh the effects of stopping contributing to my 401k to pay down the other debt we have.

I don’t know what else to do. I’m looking at losing my retirement, health insurance and who know what else.




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Posts: 7822 | Location: West | Registered: November 26, 2002Reply With QuoteReport This Post
Just because you can,
doesn't mean you should
posted Hide Post
Do you have the option to get the vaccine and keep your job?


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Posts: 7107 | Location: NE GA | Registered: August 22, 2002Reply With QuoteReport This Post
Thank you
Very little
Picture of HRK
posted Hide Post
This of course is the reason for the work mandate, get the jab or lose it all... Sorry you are in that position.

Get the resume out, start looking, people are hiring for all kinds of jobs, there is a labor shortage. If things work out you can show up on day 69 hand them your resignation and walk...

How much are you going to pay to refi the mortgage and how much will you save per month.

If it costs you $10K to refinance and you save $200 a month its a 50 month recovery, just over 4 years.... even if you roll it into the refi, it's still 4+ years to recover....

IN this job market what's your prospects, doubt you'd be unemployed long term...



 
Posts: 17829 | Registered: November 07, 2008Reply With QuoteReport This Post
Member
Picture of Perception
posted Hide Post
I don't have any advice, I just wanted to express my sympathy as I'll likely lose my 20 year career for the same reason.

One small ray of light that you may want to check on though is your retirement. If you're in a 401k style contribution based system you most likely won't lose that (not knowing where you work I couldn't say for sure, but it's true for most people.)




"The people hate the lizards and the lizards rule the people."
"Odd," said Arthur, "I thought you said it was a democracy."
"I did," said Ford, "it is."
"So," said Arthur, hoping he wasn't sounding ridiculously obtuse, "why don't the people get rid of the lizards?"
"It honestly doesn't occur to them. They've all got the vote, so they all pretty much assume that the government they've voted in more or less approximates the government they want."
"You mean they actually vote for the lizards."
"Oh yes," said Ford with a shrug, "of course."
"But," said Arthur, going for the big one again, "why?"
"Because if they didn't vote for a lizard, then the wrong lizard might get in."
 
Posts: 3010 | Location: Two blocks from the Center of the Universe | Registered: December 30, 2004Reply With QuoteReport This Post
eh-TEE-oh-clez
Picture of Aeteocles
posted Hide Post
The problem with diverting 401k contributions to pay down debt is that you can't make up those contributions later. Each year you have a cap that can benefit from the tax advantage.

If you don't contribute anywhere near the max, then practically speaking there may not be any effect on you.

If you are contributing near the max or will be contributing the max down the road, then you may feel silly not being able to take advantage of the tax benefits when it was available to you.
 
Posts: 12215 | Location: Orange County, California | Registered: May 19, 2002Reply With QuoteReport This Post
If you see me running
try to keep up
Picture of mrvmax
posted Hide Post
I may be in the same boat, so far my employer has not made it mandatory but they are heading that way. My only plan now would be to sell my house (it's paid off), take that money and buy a small piece of land and put a tiny house or barndominium on it and live cheap for the next few years until my pension kicks in. I could do that with about half of what I get from selling my house and I could live off the other half and flip burgers or something until I find a better job.

I refuse to be forced to get the shot and have decided to change my entire lifestyle due to the possible consequences. My wife is in agreement so we will see how it turns out. If you have enough equity consider selling and downsizing in a similar way.
 
Posts: 3521 | Location: Friendswood Texas | Registered: August 24, 2007Reply With QuoteReport This Post
Member
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quote:
Originally posted by HRK:
This of course is the reason for the work mandate, get the jab or lose it all... Sorry you are in that position.

Get the resume out, start looking, people are hiring for all kinds of jobs, there is a labor shortage. If things work out you can show up on day 69 hand them your resignation and walk...

How much are you going to pay to refi the mortgage and how much will you save per month.

If it costs you $10K to refinance and you save $200 a month its a 50 month recovery, just over 4 years.... even if you roll it into the refi, it's still 4+ years to recover....

IN this job market what's your prospects, doubt you'd be unemployed long term...


Not to mention the cost of the refi you did just last year. Double that 4 years to 8 to recover.

Its a really tough call if your willing to sacrifice everything not to get the shot. I understand this is ultimately what they are trying to do. To get you into this position.

Personally I would get the shot, I already did voluntarily.

Plan B, Im dead serious, I would find a homeless guy and get him a fake ID with your info but his picture. Take him to a community outreach center and have him get the shot for you and give you the card. Pay him a couple hundred bucks.


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Posts: 4766 | Location: Pittsburgh, PA, USA | Registered: February 27, 2001Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
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My understanding of the best way to ride through difficult financial times is the minimal amount of monthly/weekly expenses coupled with the least amount of debt possible. I've managed to screw that up a few times.

If downsizing or moving to a place where you can work and live free is not an option, then you have difficult decisions to make.

Do you see this situation getting better in a few months...or a few years? How much of a difference in the monthly payment does it make for your situation? Judging by your location of "west", does it make sense to no longer be in one of those Western states that you don't want to identify? Would liquidating while it is still possible, and perhaps changing your location or situation make sense?

I lost a lot when I left Oregon, but I regret not a single second of it.

Don't forget to factor in food and other consumables to your equation.


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
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Posts: 13155 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
safe & sound
Picture of a1abdj
posted Hide Post
quote:
give you the card


Is a card all that is required, or is there some way that an entity could verify that the card you present is actually legit?

I've heard that there were all sorts of fake cards coming in from China that were being confiscated. There are also enough photos online to show exactly how these cards would be filled out.

Sounds like coming up with a card would be a solution without all of the other nonsense should the simple presentation of a card be enough.


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Posts: 14795 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
Ammoholic
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Wow!

First off, my condolences on finding yourself in this position.

My first thought was to look at what you can get in a zero cost refi. You may be able to significantly reduce your “monthly nut” by extending to thirty years. A good mortgage broker with an understanding of what you want can usually tell you pretty quickly what they can do for you.

Reading over the prior responses I am struck by how far we seem to have gone from the American Ideal when an administration can turn so many people’s lives upside down in a totalitarian power grab. A part of me “knows” (in reality hopes, and hope is *not* a strategy) that surely SCOTUS will squash this hard before it upends so many people’s lives. I sure hope that this has a peaceful ending.

Everyone raised excellent points: As Aeteocles points out, long term, continuing contributions to a 401k is an excellent strategy - you can’t get back time and that tax deferred growth adds up over time. Assuming of course that you can afford to meet current needs and fund that investment. Additionally, as Perception points out, a 401k is a defined contribution, not defined benefit plan, you (typically) own it, and it is (typically) portable, able to be rolled into an IRA or even a Roth IRA if you can pay the taxes on it.

P220-9er raised the possibility of taking the jab as a way to avoid this disruption of your life and HRK highlighted that the point of this mandate is to force compliance.

mrvmax raised another question on the opposite side of P220-9er’s. Can you consider seriously reimaging and downsizing your life to make it affordable without this job?

Having recently spoken with a couple of medical friends (Cardiologist and Dentist)who were both adamantly pro-jab, I found myself questioning my own position on the jab (No, thank you). Both spoke at length of the benefits. I still believe very strongly that the pushing of the jab and deprecating of treatment options was and is totally corrupt and political. However, I wondered if it was possible that though the process of getting it to us and attempting to shove it down our throats is horrible and corrupt, maybe the jab is actually okay, or a good thing? I just can’t get around the lack of long term testing, and maybe I can’t completely separate the vaccines from the totally corrupt way they’ve been pushed.

I’m sorry that you are in this spot. I hope that there is a way forward that works for you and leaves you better off.
 
Posts: 5764 | Registered: February 23, 2011Reply With QuoteReport This Post
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I am not getting the vaccine.

I’ve been contributing max to the 401k and I would keep that after termination. It is not a very large amount but was on track to be decent when I had planned to retire. I would lose my pension. I’m rambling but I would stop contributing, or greatly reduced my contribution in order to pay down debt faster.

Downsizing the house is not an option due to inflated home prices, I’d be in a smaller place at the same cost. The refi would lower the payment a few hundred a month.

I’ve looked at liquidating casually over the years.

Currently the combination of decent jobs, decent cost/areas of living and no vaccine mandates aren’t lining up. I’m close to Montana and that’s the preferred area if we relocate.

It may be worry for naught if they accept my request for medical exemption but it’s a few weeks before I can get into my doctor. I’d rather not wait until the last day and then try to figure out what to do.

If nothing else maybe I can accelerate my retirement.




Looking for an Alaskan Malamute? Look here: http://www.moonsongmals.org
Do not send me to a heaven where there are no dogs.
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Posts: 7822 | Location: West | Registered: November 26, 2002Reply With QuoteReport This Post
A Grateful American
Picture of sigmonkey
posted Hide Post
quote:
Originally posted by gpbst3:...

Plan B, Im dead serious, I would find a homeless guy and get him a fake ID with your info but his picture. Take him to a community outreach center and have him get the shot for you and give you the card. Pay him a couple hundred bucks.


Seriously? Promoting a possible 3rd degree felony?
Gotta come up with better options.




"the meaning of life, is to give life meaning" I could explain it to you, but I can't understand it for you.
 
Posts: 41739 | Location: fl | Registered: December 20, 2008Reply With QuoteReport This Post
Ice age heat wave,
cant complain.
Picture of MikeGLI
posted Hide Post
Has the company offered their COVID policy yet? Specifically the disciplinary action they're going to take if you don't get vaccinated? Also, is there any chance they'll allow exemption with proof of periodic negative tests?
Obviously they disciplinary action is termination, but is there a formal process you can milk to give yourself more time?




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Posts: 9147 | Location: Orlando, Florida | Registered: July 12, 2005Reply With QuoteReport This Post
Member
posted Hide Post
A fake card may not solve his problem . At least not in the long term . In Louisiana your name goes in a database if you are vaccinated , also my Doctor was notified and it is in my medical records .
 
Posts: 2297 | Location: The deep South | Registered: February 27, 2009Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
quote:
Originally posted by selogic:
A fake card may not solve his problem . At least not in the long term . In Louisiana your name goes in a database if you are vaccinated , also my Doctor was notified and it is in my medical records .

They are doing the same thing with tests. At-home, and other non-endorsed tests are not acceptable. They must be able to track you.

Everyone has their line. Mine has already been crossed. Am I willing to be a felon to defend my line and freedom? Yes. Signmonkey, yes. We have an obligation to resist. The ATF is going to make most of us felons anyway. The VA is dropping all healthcare for anyone who didn't get the jab. I'm not telling you where to draw your line...but mine has been crossed. I'll give no more ground. I DO realize the consequences for my decision.


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
~~~~~~~~~~~~~~~~~~~~~~~~~~

www.rikrlandvs.com
 
Posts: 13155 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
I Deal In Lead
Picture of Flash-LB
posted Hide Post
quote:
Originally posted by a1abdj:
quote:
give you the card


Is a card all that is required, or is there some way that an entity could verify that the card you present is actually legit?

I've heard that there were all sorts of fake cards coming in from China that were being confiscated. There are also enough photos online to show exactly how these cards would be filled out.

Sounds like coming up with a card would be a solution without all of the other nonsense should the simple presentation of a card be enough.


Be advised that doing this constitutes a felony and if it's checked, you will be caught.

Hawaii has caught 3 people in the last month or so with fake Vaccination cards and it's been posted all over the internet.

When you get the vaccine, they take your name, your date of birth, the batch number of the vaccine and the facility you got it at.

That facility has a permanent record of all the above, so it's very easy to get caught.

https://www.krqe.com/health/co...9-vaccination-cards/

FBI warns about penalties for making, using fake COVID-19 vaccination cards

COLUMBUS, Ohio (WCMH) – As more businesses, schools, and cities begin to require the COVID-19 vaccine, reports are surfacing of fraudsters making, selling, and using fake vaccination cards. This spring, the FBI warned about false vaccination cards for sale that were circulating online.

In July, the Department of Justice announced the arrest of a naturopathic doctor in Northern California. The agency said the doctor gave patients false vaccine cards and homeopathic remedies claiming they would help the body fight off COVID-19.

The DOJ said that misrepresenting the official seal of a U.S. agency, like the CDC logo on vaccine cards, could be a violation of federal law. Violators could face up to five years in prison or a $5,000 fine.
 
Posts: 7066 | Location: Gilbert Arizona | Registered: March 21, 2013Reply With QuoteReport This Post
Run Silent
Run Deep

Picture of Patriot
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How about a HELOC since you have equity?

They get approved much faster, have low interest, and can carry you until you find new work?


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Posts: 6303 | Location: South East, Pa | Registered: July 04, 2002Reply With QuoteReport This Post
Member
posted Hide Post
Testing was being completed regularly and still will be for breakthrough cases. However, that’s not an option to not get vaccinated.

Right or wrong, I don’t get the flu shot either.




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Posts: 7822 | Location: West | Registered: November 26, 2002Reply With QuoteReport This Post
Get my pies
outta the oven!

Picture of PASig
posted Hide Post
Apply for a religious exemption, fight this nonsense and don't give up just yet.

I expect my employer to roll over any day now and be in the same boat and I'll be applying for that.


 
Posts: 28286 | Location: Pennsylvania | Registered: November 12, 2007Reply With QuoteReport This Post
Member
posted Hide Post
quote:
Originally posted by MikeGLI:
Has the company offered their COVID policy yet?…..


Yes, get vaccinated by x date or be terminated. Limited exemptions for religious or medical exemption on a case by case basis.




Looking for an Alaskan Malamute? Look here: http://www.moonsongmals.org
Do not send me to a heaven where there are no dogs.
Step Up or Stand Aside: Support the Troops !
 
Posts: 7822 | Location: West | Registered: November 26, 2002Reply With QuoteReport This Post
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