Facing unemployment with a $4100 monthly mortgage payment

Real Estate Investment and Finance
1

Hello everyone,

I recently learned that I have been laid off from my tech position, where I earned approximately $150,000 annually while living in Washington State. I purchased my home last July, with a monthly mortgage of $3600. Including the HOA fees, my total monthly payment comes to around $4100. Fortunately, I was proactive and found a roommate in August, who contributes $1400 monthly, reducing my total payment to $2700. I’ll continue receiving pay until August, followed by about 2.5 months of severance at my regular rate. Unfortunately, the job market for my role as a materials/process engineer is quite sluggish, sometimes taking upwards of 5 to 6 months for new hires, and I doubt I will earn a comparable salary given that my previous role inflated my earnings. I aim to save as much as possible as quickly as I can. Additionally, I have around $150,000 invested in stocks, which I prefer to avoid tapping into unless absolutely necessary. I’m concerned about when I might have to sell my house if my situation worsens. Currently, I have about $40,000 in savings, although I haven’t saved much in the past due to expenses for therapy and courses aimed at transitioning to a different field.

2

Hey! Have you checked any local job fairs or industry-specific networking events? Sometimes these can open doors faster than online applications. Also, maybe consider renting out another room or some temporary gigs to cover extra costs? It’s tough, but keeping things flexible might help for now. Good luck!

3

Navigating this situation can be challenging, but you may want to explore freelance or contract work options in your field or related areas. While these might not offer the same stability as a full-time role, they can provide a decent income and keep your skills sharp until you secure something more permanent. Additionally, it’s worth reaching out to your professional network for potential leads or recommendations. Sometimes opportunities arise through word-of-mouth, and staying connected can be invaluable during such transitions.