PGY2, Unable to make Mortgage payments. Loan options?

[DrCuttlefish]

Hello,
In a bit of a tight spot. I'm behind on my mortgage payments (2 months). Unfortunately this happened a few months ago and was able to make up the payments with money I had inherited around that time. My credit score when I bought my house was pretty good, in the 700's but now its just under 580. I've applied for some loans and of course have been rejected due to my medical school debt, current salary and credit score.
Any advice? I'm a PGY2, cant moonlight until PGY3. Will be doing hospitalist medicine.

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[CDI]

Hello,
In a bit of a tight spot. I'm behind on my mortgage payments (2 months). Unfortunately this happened a few months ago and was able to make up the payments with money I had inherited around that time. My credit score when I bought my house was pretty good, in the 700's but now its just under 580. I've applied for some loans and of course have been rejected due to my medical school debt, current salary and credit score.
Any advice? I'm a PGY2, cant moonlight until PGY3. Will be doing hospitalist medicine.

Uber on your days off to get payments caught up. Get to PGY3 and then moonlight.

 

[Ironheme]

How high is the mortgage payment that your resident salary isn't able to pay the monthly? I'd take a hard look at your budget and decide what you can and cannot live without - you need: housing, food, and your phone. If you need to you could potentially cut out everything else... Could live without internet at home, could scrounge food at the hospital/stipend, if you desperately need clothes - thrift shop, otherwise wait a year til you can moonlight.

 

[Raryn]

How much float do you need? Do you have any 0% APR credit cards? There's ways to turn a credit card into cash temporarily if you have a 0% APR for at least a few months without triggering a cash advance fee (credit card to buy visa gift card -> visa gift card buys money order -> deposit money order into bank account). It may help you push back the beast a couple months while you cut your budget to the bone. That said, if you don't already have a 0% card, no one will give you one at this point.

 

[TMP-SMX]

No family?

 

[raiderette]

Roommates to pay you rent?

 

[AMEHigh]

Use credit card for all your expenses to have more cash.
Get a roommate.
Airbnb a room.
Drive for Lyft/other odd jobs.
As a family/friend for help.
Cut everything not necessary from your budget.

 

[NotAProgDirector]

You should check with your GME office also. My program offers a short term, interest free loan where they take the payments right out of your paycheck. That doesn't fix a negative cash flow in the long term (only adding income or cutting expenses will do that), but might help get you through. If you have a retirement account, you can sometimes take a loan from that (and when you pay back the loan with interest, you pay it back to your retirement account)

 

[rokshana]

You should check with your GME office also. My program offers a short term, interest free loan where they take the payments right out of your paycheck. That doesn't fix a negative cash flow in the long term (only adding income or cutting expenses will do that), but might help get you through. If you have a retirement account, you can sometimes take a loan from that (and when you pay back the loan with interest, you pay it back to your retirement account)

gotta a feeling that there is no retirement account there...

 

[Arcan57]

If unexpected income was needed to keep you solvent in the recent past, please take a hard look at your expenses. PGY-3 is a long time away and while I don’t know the circumstances of your current problem, it’s far more likely to be a spending problem than an income problem. People are more than happy to loan to physicians (in most circumstances) and it would be pretty easy to borrow your way into a hole that lives you living paycheck to paycheck even on an attending salary.

 

[Ray D. Ayshun]

Hello,
In a bit of a tight spot. I'm behind on my mortgage payments (2 months). Unfortunately this happened a few months ago and was able to make up the payments with money I had inherited around that time. My credit score when I bought my house was pretty good, in the 700's but now its just under 580. I've applied for some loans and of course have been rejected due to my medical school debt, current salary and credit score.
Any advice? I'm a PGY2, cant moonlight until PGY3. Will be doing hospitalist medicine.

Hopefully youre not currently paying your student loans. If so, get them deferred. Its honestly hard to understand how this is possible, though i have no idea what your mortgage is.

 

[Shambere]

Ask your attendings to lend you money, you will be surprised how good hearted many of them are.

 

[NITRAS]

1. Reprioritize your spending. You should never be late on your rent/mortgage. You should prioritize 1. Food, 2. Utilities, 3 rent/mortgage. 4. Transportation.

You can live if you pay those things.

2. Do you have equity in the house? May need to think about selling it, especially if your mortgage takes a substantial portion of your income.
3. How big is your car loan/payment? Sell it.

Do a budget, do a budget, do a budget. You need to do things on purpose.
Your lifestyle needs to be scorched earth, no life. You are in a crisis.

You need to realize you have put yourself in this position, but you are the solution.

 

[Apollyon]

Ask your attendings to lend you money, you will be surprised how good hearted many of them are.

Are you serious? Honest question.

 

[Shambere]

Are you serious? Honest question.

Depends on your relationship with them.

 

[BoardingDoc]

Ask your attendings to lend you money, you will be surprised how good hearted many of them are.

This is one of the worst ideas I've seen suggested in a long time.

 

[deleted480308]

Ask your attendings to lend you money, you will be surprised how good hearted many of them are.

Hhhhheeeeeeellllllllll no

 

[deleted859535]

Depends on your relationship with them.

No, it doesn't. OP, hopefully an explanation isn't needed as to why this is a bad idea.

 

[NITRAS]

It would help if the OP gave his house payment, income, car payment, and other general debt load.