Q: I have a HELOC loan expiring. I just became unemployed.
I have a 10 year HELOC expiring in a few days and I became unemployed 11 days before my scheduled meeting with another bank to refinance. Because it is a HELOC the state has no service to help me. My credit has been perfect my entire life. Is there anything I can do other than continue to scramble to find a job and hope another bank will refi in record time? I need to borrow 74k. The property is worth more than that but with no income no one wants to talk to me about a loan. Is that it? 30 years of a perfect records will be swallowed up and my home will be lost? Any ideas are welcome...
A:
This is not really a legal issue.
But here is some advice based on observations.
There are some lenders that rely more on assets than income. Ask around to see if this type of program exists - assuming you have perhaps 6 months of liquid assets to service the loan.
Discuss with the current lender an extension of a few months or even a year. If you had perfect credit this may be entirely feasible.
If you do nothing, the lender will first find you in default and then not long thereafter file a foreclosure against you.
For now you don't need an attorney - you need to communicate with your existing lender first and then seek other options if those are available.
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