velosnow

Thought a thread of ways to help out our UNAs could be helpful. So post here if you have ideas or skills to help any of our brothers & sisters out.

Once upon a time I was on the other side of the hiring table, so happy to review resumes, cover letters or applications for anyone. Also, if any potential employers need photos (head shots) happy to offer that if you're in the Denver area. Or if you need any photos for your budding business same offer applies. Photoshop, light graphic design as well. Gratis of course.

Feel free to DM!

LumberJack

Very kind of you. Good idea!

velosnow

Thanks and a bump, offer still stands especially as mgt threatens to make good on the furlough.

Nvrgofullretard

Id donate 6.9% of my pay if Alpa floated the idea around. I’m sure there is something holding this back as I’m not an airline/union guy really. Food for thought

RAH RAH REE

You are able to take out up to $100,000 of your 401k in 2020 with no penalties or taxes if you pay it back within 3 years. (You will have to pay taxes but it will be refunded when you pay it back)

Gone Flying

I think if you are furloughed or lose your job you have to pay it back quicker than the 3 year mark (I think 90 days) I looked at this route but this was the road block I came across

RAH RAH REE

That makes no darn sense. Good job .gov

deltabound

Typically a 401k loan needs to be paid back much quicker if you lose your job, which is basically seen as your “collateral”.

I’d look into it, however, if you’re considering it. Some of the typical rules have been waived for retirement accounts due to the Covid shutdown anomalies. My wife has a modest inheritance that requires an annual taxable distribution or it will be penalized. That penalty has been waved this year.

Or pay the penalty and forget about it. Needs must when devils drive, and all that.
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If you’ve exhausted alternatives for the big ticket item...the house, there are options if you live in a “no recourse” state. No recourse refers to the banks options if you default on the loan. Basically, they get the keys to the house plus any equity in it and you get a 7 year credit hit. Not optimal, but probably better than draining your retirement accounts only to lose it anyway.

If you’ve little or no equity in the house (underwater, or a minimal down payment), this could be your best option.

Many state ARE recourse states, however. You can lose the house and still owe the remainder of the mortgage. They’ll sue you for whatever you have left. So brush up with an expert.

A bank negotiated “short sale” is also possible; with the approval of the bank, you can sell it for less than market value, they get the check, you get a 7 year credit hit.
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Awful, options, all, but some more awful than others. But a house is just a thing, and a mortgage is just a contract....which can be renegotiated, altered, or dealt with in ways that are of mutual benefit to both parties. (Something all airlines are doing right now with their contracts, you can be sure).

Or...you could wait and see. Depending on how bad things get, the government may provide some kind of relief. It’s a big “if”. Post 2008 meltdown, congress gave billions to the banks to deal with the toxic assets they created and to help regular folks....which they promptly pocketed and continued the evictions. I wouldn’t count on this one, but if you’ve some time, it might be worth holding out for 6 months or so.

I wouldn’t give a second thought to the banks. Trust me, no matter what you, or a million home owners just like you do, banks will do just fine.

(also, don’t take financial advice from a pilot chat board)

Noob098765

Forget doing the 401k loan? if at all possible...to many strings among other issues. I would go into forbearance on the mortgage for the max 12 months. You will qualify seeing as this furlough is directly related to Covid. Look into the details but at the end of the forbearance you can take the unpaid year of payments and spread it over the term of your loan or just add it all to the end of the term.

No mortgage for a year plus, unemployment bennies, plus paid for delta pilot medical plan...should give most a little breathing room. Good luck folks.

BobZ

Idk if its still the case with fidelity but taking a loan used to lock you out of brokerage link