Got credit, have equity, lost job

Got credit, have equity, lost job

To repeat a phrase I've read a lot in here. I'm new to this. I have a pretty good understanding of what properties to go after but financing could be tricky. I'll try to be brief but I'm kind of wordy. I've owned my 1942 home for 18 years and had over 100k of equity built up. I had a good job and no credit cards, no car loans, no nothing aside from mortgage so my bank (not the mortgage bank) gave me a 60k line of credit to do some repairs. New roof, new windows, New heating boiler, new chimney liner. I owed 48k on the first note and used 20k of the equity line for the repairs. I refinanced with my regular bank that gave me the equity line last Aug 08. I rolled the first and EQ line into a new 70k 20 year mortgage. Monthly I pay $710.00 The county says it's worth 186k.
This all sounds like I still have enough equity to get another Equity line.
My loan officer said our bank didn't
get into the sub prime lending too much and is not asking for a bail out. (Suntrust) I hope that's true, I don't know. I havn't seen them in the headlines.
No payments have ever been late to them or the previouse mortgage guys.
The snafu is I lost my job in Oct 08. Since I have little debt, I'm keeping up with everthing OK but I don't have a lot of cash reserves. My 401k got beaten to a pulp also.
I don't know if my bank would be willing to give me an Equity line when I have no job.
I know there's other ways to do this with no money down, crappy credit etc. I'm not that creative yet. I'd rather have a line of credit and not use it than not have one when I need it.

I do have a couple of advantages, I know a great mortgage broker that got me into my house when traditional banks laughed at me. I turned my upstairs into a full apartment I rented for 5 years. I worked out of town 90% of the time so he didn't bug me. He also trashed it so I booted him out. I'm fixing it back up again and can get $600 month but I don't want another experience like that so I'm hesitating. Some sound proofing is needed, I dislike hearing there music, walking around (falling around was more the case)

Sorry to be so long winded, my main question was the equity loan without job thing. I have time on my hands and would rather not go back to the regular grind that burned me out.
Thanks for any suggestions,


Hey Martin!

How's it going fellow newbie?... Actually, this is my first post... I've just been on here reading, and reading, and reading. I honestly don't know how everybody finds the time to write so much. I'm glad they do, (btw, many thanks to all who post!) because I learn something new every day.

Anyway, you prompted me to respond because I am in a similar situation - Excellent credit, equity in my existing property, but a gap in my job history due to 2 knee surgeries. I have just returned (last week) to work full-time at one of my old employers strictly for the purpose of qualifying for financing. My suggestion to you is to click on the 'WANT TO...' box to the left, and either click option 2. Modify, or 3. Secure a new loan, and get a hold of Dean's good friend 'Mortgage Mike'. He was able to help me out and refer me to a mortgage broker in my area that could further assist me. I think that he'll be the best one to steer you in the right direction. Unfortunately, it turned out to be a day too late as the pre-approval letter I needed to make an offer on a REO came yesterday, and the bank accepted an offer this morning when I planned to meet the listing agent and make an offer. (my first offer) I've been kinda bummed today, but I can't let it get me down... I hope Mike can help you out. Let me know how it goes and best of luck!