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.
Well, no worries on both counts. The HELOC is part of our divorce settlement.
Everything worked out ok, we signed docs today. As soon as the three day cooling off period is over, we can tap the funds.
So, now the question is, did he torpedo his chance to buy a place of his own? He has been preapproved with Quicken.