Well, if you remember my story. I was on the verge of becoming homeless if I couldn't come to agreements with my landlord. So I'd say less than 3-5 days.
Post by twodogsandababy on Oct 31, 2012 10:57:55 GMT -5
We could probably make it about 8 months with massive cuts before we had to stop paying our mortgage. Mortgage on the rental property would stop instantly if we knew we were going that direction.
Assuming we'd pull every resource available, including the $100,000 we have in retirement, it'd take us between 2 and 3 years. Our mortgage is only $1,800/month, but obviously we'd need more for food, medical, etc.
I guess about four years. We have about a year of living expenses in an e-fund. Then we'd sell our highest value paid off car and some jewelry, which would get us another year. Then I'd liquidate retirement, which would be awful, but better than living on the streets. With the huge tax penalties I really don't know how much that would end up being, but I imagine it would get us through another couple of years.
We have a lot of equity in our house and one car (large SUV that would sell for $35-$40k) paid off totally. If we could sell those, a long, long time (maybe 15-20 years if we cut down to bare bones and got a cheap apartment. I honestly have no idea though. It's be hard cutting way back with all that cash unless I knew I could never ever work again or something like that.
Hmm...if we sold our house and added the money from that to our savings and rented a cheap place we could probably live 40 years or so bare bones.
Duh, I didn't even think about selling our house. We don't have much equity, but we could rent a cheap apartment at about half the price of our house payment, so that would add maybe another 2 or 3 years, for a total of 6 or 7 years before homelessness.
Hmm. So many variables! I'm guessing 18 months or so until we stopped paying the mortgage. That doesn't = homeless, though; foreclosure takes a long time. So it'd realistically be a couple years before we'd actually be evicted and therefore homeless.
To be completely homeless, I would think it would take over a year or two with exhausting all savings/retirement accounts and eventually being evicted.
I would think the eviction process would even add a few months.
If we liquidated everything and moved into a 1 bedroom apartment, we could last maybe 5 years. Without touching retirement and with our current mortgage, we could last about a year.
If we liquidated our non-retirement investments and went to a very spare budget (bare bones plus a little extra for emergencies), probably 4 years, maybe 5.
If we sold our house and both cars and rented someplace cheap in a very walkable location, that would add probably another two years. We wouldn't make a profit on our house, but rent would be cheaper than the mortgage payment, and we would save on utilities, repairs, etc.
Post by mrshabious on Oct 31, 2012 11:08:16 GMT -5
With just emergency funds - about 6 months. If you are talking retirement accounts, etc., then 3-4 years. We are also expecting a fairly significant inheritence (it is working its way through the system now). That might add another 2 years.
Of course our mortgage is $3k/m, so we would quickly sell (we would walk away with ~$10k) and move into something much less expensive, so that would probably double that timeline.
Assuming we could liquidate retirement and downsize our lifestyle a bit (and stretch what we have by using public assistance for healthcare and maybe to cut grocery budget), we could live a long time before homelessness. Maybe 10 years?
If we stayed in our house but otherwise lived on a totally bare bones budget and ran through all savings, mutual funds, and stock not tied up in 401(k)s, probably about 6-7 years. If we sold our house and moved to a cheap apartment, substantially longer.
Post by theintended on Oct 31, 2012 11:10:07 GMT -5
Six years if we liquidated retirement and spent as little as possible. Maybe another couple years if we sold the house and rented a shack outside the city.
Liquidating our retirment would pay off our house and still leave us with a few years of cash. If we couldn't take that money, I'd let my house go into foreclosure and move to a cheap apt until the reg savings ran out.
I didn't think about applying for assistance. I don't know much that would net us but it would certainly help. I would try to avoid living in public housing unless it was absolutely necessary, but stuff like food stamps, health care, etc.
I didn't think about applying for assistance. I don't know much that would net us but it would certainly help. I would try to avoid living in public housing unless it was absolutely necessary, but stuff like food stamps, health care, etc.
That's true too. I don't think I'd ever be on the streets once you consider public housing, food stamps, etc.
Post by kelly072206 on Oct 31, 2012 11:22:16 GMT -5
If no retirement, no assets it would probably be about 18 months before we would have to stop paying our mortgage. If retirement and assets then 3-4 years?