I just don't know what to feel.....

iVillage Member
Registered: 01-06-2006
I just don't know what to feel.....
12
Fri, 03-13-2009 - 4:20pm

I just went to pay our Home Equity Line of Credit (which we've been living off of since dh isn't getting paid) and found out that the bank took half of our loan away. That leaves us $2000. WTF!!! We've been paying on time, we had $50,000 left in the line. We were counting on that to help us live until dh can find a new job. Now we have NOTHING!!! We have $600 in the bank and that's it! Guess we're eating what's in the freezer for the next few weeks.

Their explanation was that the reassessed the house and the value went down $50,000 so they took that out of the loan.

Pages

Community Leader
Registered: 07-26-1999
Fri, 03-13-2009 - 4:31pm

I am sorry to hear that, after everything you guys have already been through.

Photobucket
iVillage Member
Registered: 01-28-2004
Fri, 03-13-2009 - 4:34pm
oh my. Im so sorry. I dont know that much about loans like that but there must be something you can do. Hang in there.
iVillage Member
Registered: 01-06-2006
Fri, 03-13-2009 - 4:38pm

Thank you! Dh spoke to someone at the bank and apparently they did an "electronic appraisal". The guy also told him a letter went out today notifying all line of credit holders that they had done this. Dh has some money a few thousand dollars in a retirement account but that will take at least a week to get here.

To add to this, my cousin called today and I volunteered to pick her brother (also my cousin) up at the airport on Sunday to drive him to Madison (2 hrs) because the flight to Chicago was so much cheaper. These are my dying aunts two children. So Sunday is going to be a downright depressing day as well....

This is almost enough to make me believe in Friday the 13th.....

Community Leader
Registered: 07-26-1999
Fri, 03-13-2009 - 4:42pm

I'd almost want to challenge and have them do a real appraisal, but you don't know if that will come to bite you in the a$$.

Photobucket
iVillage Member
Registered: 01-28-2004
Fri, 03-13-2009 - 4:43pm
im so sorry. I wish there was something we could do for you. Its got to be hard with all you have gone though for so long. Im sending you some helpful vibes..... you and your family are in our prayers. And hopefully things will get better soon.
iVillage Member
Registered: 01-13-1999
Fri, 03-13-2009 - 5:24pm

Wow.

iVillage Member
Registered: 01-06-2000
Fri, 03-13-2009 - 5:45pm

I'm sorry things are so tight right now.

I know it seems really difficult with the loan, but to not make this adjustment would leave you in an even more

iVillage Member
Registered: 01-06-2006
Fri, 03-13-2009 - 7:16pm
Thanks for helping me see the nuts and bolts. I agree with everything you said. It's always best not to get upside down on a mortgage. The house is appraised at $450,000 and the loan was for $100,000. My husband's boss owes him approximately $150,000 in back pay last time I checked (long story, basically it's a friend of his and their clients aren't paying what they owe). Basically, if people would keep their word to us (and what we legally agreed to), we'd be fine....
Avatar for ang2gals
iVillage Member
Registered: 03-25-2003
Fri, 03-13-2009 - 9:24pm
No answers but I wanted to add my support and

Photobucket


Photobucket Photobucket DYK Tag


Photobucket


Grace, Speed & Power....Girls Lacrosse

Photobucket


iVillage Member
Registered: 01-06-2000
Fri, 03-13-2009 - 10:58pm

Oh, that's got to be so frustrating.
Of course, you can't really even afford legal help to get what you deserve right now

Pages