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Second Mortage

 
 
jodie34
 
Reply Mon 29 Aug, 2011 07:09 am
My husband wants to get a second mortage on our house to pay off debt. I have mixed feeling about this but don't know what to do otherwise. What is your take on having a second mortage?
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Type: Question • Score: 5 • Views: 673 • Replies: 4
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jodie34
 
  1  
Reply Mon 29 Aug, 2011 07:13 am
@jodie34,
Sorry it should be mortgage
0 Replies
 
jespah
 
  1  
Reply Mon 29 Aug, 2011 08:21 am
@jodie34,
Usually this is a move of somewhat last resort.
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PUNKEY
 
  1  
Reply Mon 29 Aug, 2011 03:01 pm
See if you can re-fi for a lower rate and lower payment. Everyone is doing it.
then you will have extra $$ to pay off those bills.

But don't increase the debt on your house!!
0 Replies
 
CalamityJane
 
  1  
Reply Mon 29 Aug, 2011 03:22 pm
@jodie34,
I agree with jespah, a second mortgage should be your last resort.
Try to get a debt consolidation loan with your bank first and if this fails,
contact your creditors and ask for a lower interest rate.

Depending on how much your first mortgage is vs. the equity and value of the home, you might not get a second mortgage. In today's financial climate, people have a hard time getting a mortgage at all, period.
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