Laid off- please help me strategize!

[Yankee Gal]

Hi all
I'm a single parent, one-income--
I got laid off from my job and, while I am going to collect unemployment and look for work, I need to think of how best to protect myself and my meager savings right now.
Credit card issuers refused to lower my interest rates- plan to pay just minimums for now

** my main concern is an ADJUSTABLE rate mortgage that will reset in November. Is it best to be proactice now and call the mortgage servicer and explain circumstances?
(please do not tell me I shouldn't have taken them ARM, at the time we were divorcing and planned to use it as a short-term, and sell the house when our son graduated high school- then the housing market collpased, and I am stuck)
Meanwhile, i am shaving the food bill down, driving as little as possible, cancelling cable tv, etc. and hunkering down.
Thanks in advance for any constructive advice on surviving unemployment!

[zetta]

Is your unemployment check enough that you will be able to make the current mortgage payment? What's your best guess on how long it will take to find a job in your industry? Is your ex still on the mortgage?

[jIM_Ohio]

let this situation guide you as to what you need to fix.

You have a criticial short term problem. Had you set aside cash 3-6-12 months ago, this would not be a problem now.

Keep costs as low as possible. And find any work possible to get income coming in. What field do you work in?

[LuxLiving]

When you're getting towards the bottom of your barrel...

and BEFORE you get behind on any payments talk to the creditor and see if they will allow you to make interest only payments on the debt. This is only a SHORT-TERM solution. You'd only pay the interest normally due and put off the principal payment which will be due later. But if it can help you get thru the hump w/your credit intact so much the better.

Are you looking for other employment now?