Suddenly Out of Work, Butch and His Wife Turned to Hometap to Stay in Their Home
During the 2008 recession, Butch and his wife were hit hard. Once they were out of work for over a year, the couple started using credit cards to fund day-to-day necessities, such as groceries, electricity, and other bills. However, they knew it wasn’t a sustainable financial strategy.
As responsible homeowners, Butch and his wife always made their monthly mortgage payments on time. They were never late with other monthly bills either, including their credit card and auto payments. However, when their steady income stopped with their jobs, their credit card debt increased faster than normal.
“We knew we had to do something to pay off the debt,” said Butch, who was concerned that all the hard work he and his wife had put into achieving financial well-being could be so easily erased. “We knew if we weren’t able to get a loan, we’d have to sell our home to keep up and maintain that good financial standing.”
Butch initially looked to traditional lenders to secure a home equity loan for their Monroe, North Carolina home. “We couldn’t qualify,” he said. “We had to start putting home repairs on our credit cards.” The necessary home renovations, including a new roof and a new heating and air system, added to the debt stress. “That’s when we started searching for alternatives and found Hometap.”
Already faced with enough stress from their debt, Butch and his wife appreciated the simple process of securing a Hometap Investment.