They turned us down due to debt to income ratio being too high.
In reality, this loan wasn't creating new debt....it was helping to reshuffle what we have. But they don't see it that way. When we receive the official letter (I was turned down on the phone), there will be info on contesting it. So, it may not be dead in the water just yet...but that is being drastically hopeful and optimistic (and trust me.....I am not good at playing Miss Mary Sunshine.)
Spoke to the FA, and he is bummed. This was a lynch pin in the plan....and now he has to figure out a way for us to come up with $7,000 to pay off the retirement loan so we can keep working the other steps. I told him I am concerned that if this was a NO, what else will be a NO. Plus, I don't want our FICO score to take too much of a beating.
There is a few other things we can do to come up with the money....none of which are good. Sell my engagement ring is one. Parents.....that is iffy.....I know my parents really can't do it. I know his mom can...but I hesitate to ask.
I can continue to sell off extra stuff we have, but I doubt we have $7,000 worth.