What are your options? Could you get a better paying job elsewhere?

If you don't think you are making enough, and your employer won't give you more, leaving is the obvious answer.

What makes you think you'll be able to refinance it later on if the only loan you can get now is 10.74% ?

>Receiving this information out of the blue has caused my heart to skip a beat and left me nervous. I feel a sudden loss of security. Are my fears founded? Should I calm down and wait to see how things progress? Is it time to polish my resume?

I've been through many acquisitions and mergers. Sometimes things change immediately. Sometimes things stayed the same while my company was "integrated". Eventually, I left all of them.

Think of it this way - would you have applied to work at Acme Co. if they hadn't merged with your employer?

Polish up the resume. Tune up the professional network.

Wait to see how things proceed, but be ready to go when necessary. It might work out, but it probably won't.

>What is the best strategy: Pay the minimum payment due (like $40) Pay what I can ($2000) and pay interest on the remainder? Pay the last statement balance of $4000 a few days late and pay the late fee?

If your goal is to minimize interest payments, pay as much as you can as quickly as you can.

>I am in the middle of getting divorced, hope to wrap it up by the end of 2023 and expect about a 1.5 mil settlement. Will I be ok not working for the foreseeable future?

"Hope" and "expect" aren't a real plan.

There's no way to tell if you will be okay not working without knowing more about your goals and expenses, your future income streams (like social security, pensions, etc.) and other details. You will always be better off landing your next job before quitting your current job.

Hopefully you are getting professional help for your mental health issues.

Speak to someone at your lender.

Escrow is simply the estimated payments for your insurance and taxes. And it's adjusted annually after the actual insurance and tax bills are paid.

Each year, your lender sends you an explanation of the escrow distributions. That's where you saw the "escrow shortage" mentioned. If you think it's incorrect or if you don't understand it, you need to talk with them.

You are usually given the option to pay the escrow shortage in a one time lump sum, or pay it off gradually via a higher monthly payment. You have likely chosen the latter and are getting confused by that "extra" amount.

It's unlikely that you are paying too much. Talk to your lender and they will explain it to you.

Why did you buy the car at this rate in the first place? Do you no longer need a car?

>What should i do?

I don't think I understand the question.

You took out a loan at a high interest rate. Thus, you should pay your bills on time and carry on.

You are wondering if you should pay off debt at 28.99% and 22.24% interest rate or keep your money in an account earning 3-4% ?

What am I missing here?

Don't do it...

>My question is what would you guys do in this situation?

There is no way in the world I would share a mortgage with someone to whom I wasn't married. Ask your lawyer to tell you all the things that could go wrong here.

Don't take the risk. Make a clean break of things.

And don't lean on family to co-sign a loan, ever.

>Can you get a reliable car for $10k these days?

Probably. Perhaps not a mid-sized SUV with only 25,000 miles, though.

​

>Any advice for him?

Might consider getting a second job. Not having any savings means he doesn't have any options.

He should work hard on interviewing for a replacement job if this one is insecure. He doesn't want to spend any time "between jobs" with no savings.

Figure out where all that $90k is going. Find a way to reduce expenses.

Just transfer money from your savings to your checking. You might have an overdraft fee you will need to pay.

Make sure you keep enough in your checking to cover your day to day needs.

Would your landlord give you a discount for prepaying?

If not, it's a terrible idea.