Hi Reddit, first off any and all help is much appreciated! Sorry if this is a little confusing, mostly because I just got home from work and just got the letter in the mail informing me that my loan application was denied. Here goes:
I'm a 33 year old, married, recent stage IV cancer (lymphoma) survivor. Due to the sudden diagnosis and my treatment being so aggressive, I lost my job and was unable to work for over a year.
Wife and I own an apartment in NYC, with no mortgage (had a lot of help from family). This is awesome, and I know we are very fortunate for this. Said family also helped us with some of our medical bills.
Despite this help, the fact that I couldn't work and my wife had to do the same in order to take care of me, we each ran up a lot of credit card debt after living on our savings.
When I got better, I enrolled in a special course for motion picture editing (before I was sick, I was a TV producer and made good money, which allowed for my savings). Since cancer changed my body, and I needed more stable work, I learned editing and am currently happily employed at a stable company. Only thing is, I am making much less money than I used to....but in the long term, I will wind up making much more money than I did at my previous position, and I am much happier with the work.
My wife too has recently gotten new work, but she is a freelancer so it's not all stable. That's why having no mortgage on our apartment was so good for us.
Anyway, we applied for a home equity loan at TD, and after over a month of application paperwork and meetings, I just got the letter today that we were denied a home equity line of credit. We applied for this because it was "pay what you use" and despite needing only 30 thousand, they had us apply for 75 thousand because it had a better rate.
Is the issue that we applied too high? They claim the reason for denial was the income ratio. I know my job is less salary, but stable. Wife's is less income and freelance, but she has family trusts she gets extra income twice a year from. No personal access to it though.
It just makes me feel so guilty for getting sick, because we would have never been here had I not gotten cancer! Being sick forced us to clear out savings and rank up debt, even with lots of family financial help....
TL/DR: Married cancer survivor, 35 grand plus in debt, denied home equity line of credit from bank despite being employed and owning home with zero mortgage.
Submitted October 21, 2017 at 12:07AM by MadnessofKingHippo http://ift.tt/2yWEWV8
