Legal Question in Credit and Debt Law in Illinois

denied equity disabled low income

I have been unable to work for 3 yrs. due to sudden disability. My only income is ssdis of $1100 monthly. I have always paid the mortgage on time. I applied for a line of equity and was offered $40,000 until he found out I don't have a job, have low income. ) and have high credit card debt from medical expensesI. Shouldn't they allow me some money ? They have the deed if I default. I don't want to sell. Is there a way to get some money? Thanks


Asked on 3/20/08, 3:37 am

1 Answer from Attorneys
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: denied equity disabled low income

A lender has no obligation to give you a loan if they have no reason to think you can pay it back. If you only have $1100 per month, how are you going to pay the first mortgage and the line of equity? If you were to sell your house, there'd be no loan to pay back. But then you would have to find another place to live.

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Answered on 3/21/08, 2:36 am


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