Friday, April 30, 2010

No Money For Me

The credit union I've banked with since 1975 has turned me down for a line of credit secured by my unencumbered house.  I'm now officially fucked. I can do nothing to take care of the problems with the house, and the boys have said they'll move in on the fourteenth, after the construction is done.  Now there'll be no construction.  And who knows how this will effect their decision to move in.

During the five years I was taking care of my mother, my own financial life went down the toilet with my sanity.  I ended up with a bankruptcy.  It's five years later and I have been a very good girl.  I haven't any debt at all.  But in the world of banking, that means I have no credit score.  And with no credit score, no current debt and record of payment, despite the fact that my collateral is an unencumbered house means no credit line.  With no credit line on the house, I can't do the repairs I need to do. I'm fucked!

And let's not forget those medical bills rolling in after my horrible hospitalization.  And for a moment I forgot all about Comcast.  I really am fucked.  And saddest of all, I'm not alone.

10 comments:

Cleveland Bob said...

You poor dear.

If there was something I could do, I would. Unfortunately, I've been out of regular and steady employment for the last two years and have recently filed for bankruptcy as well.

Who knew things were going to go on like this?

Hopefully all will be revealed when the book is opened at the end of the saga, but so far, it's less than a happy ending.

Thoughts are with you...

Paprikapink said...

I sympathize all too well. Our credit union has recently turned us down for loans too, although we do have lots of debt and a mortgage. I truly don't *want* to spit on the next person who says we should move our debt from banking corps to credit unions, but it might happen despite my best efforts.

Jerry Critter said...

WTF!

That really sucks. You would think that with no debt and a house free and clear, you would have no problem getting a line of credit on the house.

They just don't want to lend money.

Gwendolyn H. Barry said...

Tomorrow is MayDay~! Take whatever heart you have right now and marshal the new energy! :-)'

Peggy, you're in my prayers... all too many of us can sympathize. Empathize. First of the month and I'm running a week behind. I've had to 'take in' two young fella roommates. One is grand, the other is nice, but a S.C. blond boy who has a poster of Sarah Palin. Can you follow that? It's a challenge, HUGELY. But we're all doing whatever it takes for the last couple of years...

I wish you prosperity~! Look for some under every rock you find? What else is there, eh?

mountain.mama said...

Have you tried contacting the county housing authority? They might be able to help. I'm sorry you feel fucked. It's a bad place to be.

Fran said...

Well damn! There are times you don't dare ask "What next?", because frankly, you really don't want to know.

You are just going to have to dig.... see what is available in any format. Including tapping in to government programs, low income loans & senior programs.

Here is an example:
Single Purpose Reverse Mortgage Lenders for Utah Seniors
Along with 24 other states Utah offers a type of single purpose reverse mortgage that gives low-income seniors tax relief. Single purpose reverse mortgages by definition are typically originated by state or local governments and agencies, are lower in cost than conventional reverse mortgages and may only be used to pay critical expenses associated with homeownership, such as property taxes and code-related or emergency home repairs.

Individual counties levy their own taxes in Utah and each provides local low-income seniors with a property tax deferral option, similar to a single purpose reverse mortgage. Loan applications are handled directly through the county tax assessor’s office. Eligible seniors must be at least 65 years of age or disabled, have less than $22,000 in annual income, have no current liens against their home and hold the title/deed to the home. Property taxes may be deferred, with interest, as long as the owner resides in the home. Loans become due when the home is sold or the owner dies.

link:

http://www.reversemortgage.net/utah-reverse-mortgages/

You have to be cautious of swindlers, and any frigging offer that sounds too good to be true, probably is- read the fine print-- but there has to be some kind of way to pull this off, you just have to find it.

There probably are senior centers that would know of things to recommend.

Help exists!

Utah Savage said...

You guys are wonderful! Thanks for the commiseration and good suggestions.

Fran, that is invaluable information. I'll follow up on it. I did accept one of the millions of credit card offers that have passed from my mailbox to trash over the past five years. I'm now going to raise my credit score so I can get a line of credit on my house next time major repairs are needed.

Terminex will do a 12 mo or 18 mo financing for the termite treatment, and that will also help to raise my credit score. So, I will do that. I need to protect the house.

Thanks for the link, I'll check that out. There is also the Housing and Neighborhood Development Corp, Salt Lake City. Their goal is to keep neighborhoods vital by keeping the homes in good repair. It's a low income program. I qualify. But they are slow to get going. And I'll bet part of that is deep budget cuts to cities.

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PENolan said...

Girl, if you need a place to hide out, you know how to reach me.

Meanwhile, I've passed the honest scrap award on to you. I believe we've passed this one around before - and I know you just had to do a random list - so only participate if it provides you with a pleasant distraction.

xo
Tricia

Fran said...

Here is one more tip, **if* you can throw in some kind of energy efficiency component to this project, you might get an energy credit.... call your local utility, they are usually good about knowing what all is available

Glad you found a way.