We are in the underwriting stage of a HELOC that will encumber 40% of appraised value.
Everything has been running smoothly.
Then my husband, with whom I unfortunately share a checking account, (that’s coming to an end), related a massive slew of overdrafts. He overdraws all the time, but he outdid himself with this one.
The overdrafts and fees ate every dime and then some that we had.
I am sick of bailing him out via my ccs. It has pushed my utilization up too high.
So, he runs out to get a payday loan. I’m thinking one of those $100 things, no credit check, right?
Nope. He just opened a $2500 line of credit before the HELOC is set to close.
Tell me he didn’t torpedo it.
The HELOC is with a small local credit union; our third with them. We have a flawless two year payment history.
He also has to buy himself a place to live since I am totally done with him. He’s working with a lender right now, they’re trying to go VA, but will flip to conventional if it gets too draggy.
This is so typical of his judgement. I have told him a thousand times, you never open a new account when you’re in escrow. Gah.
