Indiana Hard Money Deal - Active

530

None

No

North Liberty

Indiana

$220,000

$110,000

I greatly appreciate your time and consideration for a cash-out refinance mortgage. I have experienced a significant financial hardship over the last few years. In July of 2015, my son was diagnosed with non-Hodgkins Lymphoma a week after his second birthday. My then wife was 4 months pregnant with our daughter at the time our son was diagnosed. Treatment for our sons cancer included over 7 weeks of inpatient treatment over 5 months as well as countless clinic visits and testing throughout the same 5 month period. As a result my wife was not able to work during the months of July, August, September, October, or November and I was only able to work in a limited capacity which greatly impacted our income. Our daughter was then born in December of 2015 and my wife maternity leave result in 3 additional months of income loss. In January of 2016, our basement flooded with 4’ of water due to a 12” rain event resulting in total loss of basement finishes as well as loss of the water heater, furnace, air conditioner, sump pump and back-up sump pump, water softener, all electrical wiring and devices in our basement, and complete loss of our personal belongs in the basement. Damages were in excess of $40k. In August of 2017, our basement flooded again after a 10” rain event. The damages were limited to less than $10k due to improvements and precaution taken.
A substantial amount of debt was accumulated as a result of the medical expenses from my sons cancer, loss of income to care for my son, medical expenses from the birth of my daughter, loss of income for maternity leave, cost incurred due to both flood occurrences, as well as a sinus surgery for myself in December of 2017 and June of 2018. The financial burden incurred greatly impacted my marriage and ultimately resulted in my wife and I divorcing in 2019. Through the divorce proceedings, I assumed sole responsibility for over 80% of the debt compounded by $200/wk child support and loss of my wife’s income. The debts accumulated due to the extraordinary life events described above, soon became insurmountable and my financial position eroded.
Before the adverse life events, I maintained a very healthy credit history and score that was over 720 with an income of over $100k and low debt to income ratio. Due to improvements made to my home and the steadily increasing housing market, I have amassed a significant amount of equity in my home. I am seeking a cash out refinance to pay off the nearly $100,000 of unsecured debt, credit cards, collections, and medical bills that are reflected in my credit report. A cash-out refinance would allow me to put these debts accumulated due to life events out of my control in the past and put myself back on the path to financial health that I had prior to these life events.