My folks got into a jam with money once . Growing up if there was trim , cabinet doors and carpet down it was time to start packing . They had sold a home and business moved an built another house , being an owner carry on the home and business . That's the one they got bitten on and had to repo . Unknown to them there was a loan on the home , actually at that point it was a 3rd bumped to a second by the repo and a lot of details that were never real clear . One day out of the blue they get this foreclosure letter with a 60 day time line .
Dad had $800/mo from a medical retirement and the tax returns showed under $14,000 annual gross , because that's how small business taxes were done then , to hit a nil tax point .
Long short none of the banks locally , one they had been with for 15 yr nor they're credit union would make the $26,000 loan on $160,000 property because "they didn't have the ability to repay" so dad sold the "dream" airplane and the 2 projects and paid off the foreclosure notice . They then applied for CCs which which were immediately approved for $2-5000 then they had 35,000 no bankers in hand on demand . Hell of a sling to be in with an 800 credit rating . Mostly before and since stuff was done cash .
I'm pretty high debt to credit at the moment but 8 mo without a regular job and being prepped for 3-4 will do that to a guy . Fortunately things are starting to go our way again . I 60 days or so we should be back to making the kind of pay off payments that will have us clear of that 1/1 ratio in 16 months .