Now we fly over to Wooster, Ohio where we have an applicant who has claimed bankruptcy twice and wants a home equity loan between $70,000 and $100,000 dollars. He says he has to pay of medical expenses and credit card debt soon before he goes belly up again.

Now – do you see something wrong with this picture here? In the application the wanna be borrower claims that he has some size-able home equity to offer up as security, yet he admits to claiming bankruptcy recently, and was only discharged by his creditors two years ago.

Some of the other locations for lending in the area are as follows;

• Orville
• Ashland
• Mansfield

He would have lost any home equity he has during the two bankruptcy. In the end of this application (long one actually) you will see that the LO found out the truth regarding ownership of the family home. An interesting scoundrel here.

Loan Product Description :: $70K, $80K, $100K Home Equity Loan

Why do you need a loan? :: I have allot of bad personal debt with multiple lenders and creditors – from my Target Credit Card, Visa Card, and personal loans, I have dug myself a really deep debt hole. I just need this last chance loan to get by finances back in their proper order. I promise I will pay every installment payment on time. You don’t have to worry.

I also have about $30,000 dollars in medical expenses I owe for a surgery I had on my leg last year. I had to have the surgery done, but I don’t have enough money to pay for it because my insurance company refused to look after these expenses. They said that I had a pre-existing condition from a football injury I had when I was kid back in High-school – played for Ohio Varsity Team as well. I realize the irony of my vocation and this decline of insurance coverage by the way.

How Much Do You Want To Borrow? :: $70,000 – $80,000 – $100,000 dollars for debt consolidation of personal loans, credit cards, and medical expenses.

Your employment field :: I work for an insurance company with head offices in Wooster – I work all through all counties and areas of Ohio. I have worked in Columbus, Akron, Cincinnati, and Dayton as well.

Your job title :: Auditor

Length of Employment :: 8 years 2 months

Time at Address :: 4 years 6 months

Age :: 36

Ohio Bankruptcy Home Equity Loan – Applicant’s Plea for Financial Rescue

Anything else you can tell us to speed up approval? :: Not really except to state my plea for financial help in getting this loan approved. When you talk to the lenders or private banks regarding my loan application, please have them call me for further details on my employment record, credit record, and financial situation.

I feel that if I can just talk to the private directly I can some how convince them that I am risk worthy. I know that there is no real way a bank is ever going to consider me for qualification, so I know that I will be looking at getting a loan with a private lender. I’m also aware that I may have give up a huge amount of equity as far as collateral security goes, and that I will be paying a relatively high APR – regardless of the fact that I have solid property equity here.

Sex :: Male

Marital Status :: Married

Ever Claimed Bankruptcy? :: Yes – I declared bankruptcy twice in my adult life (never when I was a kid right ;O) I was completely discharged from my last and final bankruptcy two years ago.

What City/Town, County/Parish/District/Burrough, and State is your primary address? :: Wooster, Ohio in Wayne County

Zip: 44691

Have you checked your credit report lately? :: Yes. I’m discharged from personal bankruptcy, but only two years since, so my credit score is rock bottom bad. I can save you allot of time and expense – don’t waste any of your bank’s resources and just assume that hav terrible credit.

Would you consider your credit rating to be? :: Very bad – like running on the dark side baby.

Collateral? :: Yes in the form of home equity – this is a home equity loan, and my house has been appraised at be worth $232,000 dollars as of the end of this year. I owe only $80,000 dollars on the property as of last month.

Down Payment? :: No money down because I’m paying off my cash or liquid debt – not purchasing a vehicle or property to use as collateral security – please let’s get on the phone so we can discuss this further. I have sent you an email too that laid out all the particular data on my monthly paychecks, my creditor responsibilities, and my martial and parental responsibilities.

If down payment, how much? Explain please. :: N/A

Security on $80K-$100K Bankruptcy Loan (Home Equity)

Do you a have co-signer or co-borrower? :: No I don’t – I know that I may have to find a co-signer eventually if I keep getting all my loan applications declined. This brings up another question I have – I have been applying online using application forms on dozens of personal loan sites – will that hurt my credit rating even further?

Employment Background :: Insurance industry since I was 16 years old. I got a job as a file clerk in an insurance adjuster’s office. That insurance adjuster was my father, who has since passed away from Cancer this last year. I have a long long long positive history in my chosen field of expertise. Even with the economy of the last few years in Ohio, my job survived all the cut backs and layoffs.

I have plenty of seniority and credibility with this company, and I can get letters of recommendation on my character and my decades of good work in the Ohio insurance marketplace. They will tell you that I am good for the money and that you can’t really call my a high-risk borrower. Although deep down inside I know you WILL write me in as a high risk applicant.

Wooster Ohio Bankruptcy Loan – LO Conclusion

Loan Officer Conclusion(s) :: This applicant did not qualify for this home equity loan at this time. Under “normal” circumstances a loan request like this would have been granted, but no loan is guaranteed in the current financial quagmire America is in right now.

Now the final reality on the applicant was the dishonest and fraudulent disclosure on the in-office application from. As it turned out more of an investigation, the home was not in his name. The property that he was planning to use for security on the note is totally owned by his wife, whose credit rating is sound, at the time of this writing. Likely won’t stay that way if she stays with this guy.

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