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Can she take money out

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brucebenzel1234 Joined: 12 May 2010 Posts: 1 1.31 Dollars($)	Posted: Wed May 12, 2010 2:49 pm    Post subject: Can she take money out Like 0 Dislike 0 Question: My mom owns a home in AZ appraised by Bank of America at $280K. She owes $230K on the mortgage. Is there anyway she can refinance or receive a second mortgage in order to take cash out for debt consolidation? She'd like to take out as much as possible, but I don't believe there's anything there to really work with. Can you help shed some light on this for us? The pros/cons cans/can'ts for both scenarios would be greatly appreciated.
adonis Joined: 22 Oct 2005 Posts: 10542 Location: ALASKA 1086.66 Dollars($)	Posted: Wed May 12, 2010 9:00 pm    Post subject: Like 0 Dislike 0 Welcome brucebenzel, The property has been appraised for $280K and she owes $230K on the mortgage. Thus, there is equity in the property. This will help your mother to qualify for a refinance or a second mortgage. In my opinion, rather than applying for a second mortgage, it would be better to refinance the loan. In case of refinance she will be responsible for a single mortgage whereas in case of a second mortgage, she will be responsible for two mortgages. The cash out money that she receives from refinancing the loan can be used for debt consolidation. _________________ Procrastination is the enemy of your financial success

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