Second Mortage

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?
  • Topic Stats
  • Top Replies
  • Link to this Topic
Type: Question • Score: 5 • Views: 2,680 • Replies: 4
Topic Closed
No top replies

Mon 29 Aug, 2011 07:13 am
Sorry it should be mortgage
0 Replies
Mon 29 Aug, 2011 08:21 am
Usually this is a move of somewhat last resort.
0 Replies
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
Mon 29 Aug, 2011 03:22 pm
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.
0 Replies

Related Topics

Hypothetical question... - Question by nononono
I think I screwed up my marriage... - Question by shadowcat3978
18yo needing unique financial advice - Question by blackbear
Is this fair? Marriage advice - Question by Emm2013
Paying off CC - Question by PUNKEY
Markt-to-Market basis - Question by Ulyan
How can you become financially reliable? - Question by mlssufan01
How can we cut out extra money on our wedding? - Discussion by AnkitaJain231
Retirement savings - Discussion by cicerone imposter
  1. Forums
  2. » Second Mortage
Copyright © 2024 MadLab, LLC :: Terms of Service :: Privacy Policy :: Page generated in 0.03 seconds on 05/18/2024 at 03:45:35