So as the title says I lost everything I owned, that is, except my car that I escaped in. The car is not paid off, in fact I still owe about 22,000 on it. I’ve been making the payments just fine but with this fire, I have two choices and really don’t know which one is the best one since I don’t have a home. I’m currently on seasonal unemployment and work as a firefighter in the summer here. I was laid off just before this fire kicked off. I was wondering if anyone had any insight or information that could help me decide how to move forward with my next financial step in this. I got a payout from my insurance and with it i have what seems to be two choices: 1. I can pay off my car, take that money from my car payments and save it until I have enough to purchase a new home. The reason this seems fitting would be I can afford a higher mortgage payment, also I qualify for a disaster loan which is 0% down on the house.
- I can take the same insurance money and pay it towards the home. With that I can get a slightly higher budget on my house but can’t really say I couldn’t do that anyways if I put what would be my car payments into my savings for a year (plus any other money I can manage to save up)
Anyone have any insight as to what direction to go? I’m a simple living type. I’ve got good credit, but I haven’t had a decision this big. I think I like the idea of not having the car payment as a means to gather money, with the car payment I don’t really make anything I can put away and save which keeps me feeling stuck.
Anyways thanks for your time ladies and gentlemen.
Submitted December 09, 2018 at 12:50PM by mak530 https://ift.tt/2G5xivO
