Laid off and own a home? Here are your five options, in plain numbers.
Nobody needs a sales pitch the week they lose a job. This page does the math most people do at 2 a.m., in the order that protects the most equity. Most people who read it do not end up selling.
How many months of runway do you have?
Severance plus liquid savings, divided by what the house and the household cost each month. Nothing here leaves your browser.
Example figures shown. Florida unemployment benefits top out at $275 a week, so they are left out on purpose; add them if you want a rosier number.
The five options
- 1
Stay and ride it out
Fits when: Runway is nine months or more and your title is hiring in South Florida.
Do nothing to the house. Cut the two biggest discretionary lines, keep paying on time, and revisit this page at the halfway mark of your runway.
- 2
Set up a HELOC now, use it later
Fits when: You have strong equity and want a liquidity cushion without selling. The catch: banks underwrite on income, so this has to be opened while you still have pay stubs, or within days of the notice.
Apply this week. Drawing nothing costs little; not having it when you need it costs a lot. I can introduce a lender who does these.
- 3
Rent it out, rent something smaller
Fits when: Your mortgage rate is well under today's rates and comparable rentals cover your carrying cost.
Get a rental comp analysis for your street. A 2021 rate is an asset; renting preserves it, and a property manager typically runs it for a share of the rent.
- 4
Forbearance
Fits when: The gap is short and your loan is federally backed (FHA, VA, Fannie Mae, Freddie Mac).
Call the hardship line on your statement before you miss a payment. It is a pause, not forgiveness: the missed months come due later, and a lump-sum reinstatement can be a shock. Ask for the repayment plan in writing.
- 5
Sell, on your timeline
Fits when: Carrying cost is above your comfort line, the next job is out of state, or you want to lock in the gain while inventory is tight.
A realistic South Florida timeline is 45 to 60 days from listing to close. If you have already relocated, I sell with a full 3D walkthrough so buyers tour without you flying back. The pricing analysis is free and comes with no obligation.
What West Coast equity buys in South Florida
If a voluntary exit offer or a severance package has you deciding where to live next, here is the honest comparison, insurance included.
| Line item | Seattle area | Fort Lauderdale | Palm Beach Gardens |
|---|---|---|---|
| State income tax | None, but a 7% state tax on capital gains above roughly $270k | None | None |
| Property tax | Rises with assessed value | Save Our Homes caps your assessment growth at 3% a year once homesteaded | Same cap, same homestead |
| Homeowners insurance | Modest | The big line: roof age, elevation and wind mitigation set it; I run the quote before you offer | Same, usually a touch lower inland |
| Flights back | — | Nonstop to Seattle from FLL | From PBI with one stop, or FLL nonstop |
| What the money buys | A 1990s four-bed on a quarter acre | A renovated four-bed near the water, or a new build to the west | New construction in a gated community |
Every line above varies by the specific home. I will run your actual address, taxes and insurance before you make an offer.
Twenty minutes with your actual numbers
I am Charles Garland, founder and managing broker of Atlantic Realty Group, 21 years in South Florida real estate and an engineer at NASA before that. I will tell you if selling is the wrong move. Most of these calls end with “stay” or “rent it out.”