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Is it possible to do a second mortgage when you are behind in your house payments already?

Niicss · Posted: Mon Nov 16, 2009 1:58 am Post subject:

It would be difficult for you get a second mortgage with a bad credit. Lenders would require you to have at least a credit score of 720-740 in order to approve a loan. Moreover, you should have equity in the property in order to get a second mortgage.

Guest

I own my condo outright .It is worth 30,000.
I am on unemployment and having trouble making condo payments . My credit score is about 560-590 . I have 2 cc both total less than 1,000 ... But they are at their limit ... What can I do to get some money to help out short of selling condo?

adonis · Posted: Mon Dec 13, 2010 1:13 am Post subject:

Hi Guest,

You will not be able to qualify for a mortgage right now as you're unemployed. Lenders won't be ready to give you a loan. You can contact your lender and check out if he will help you with the option of forbearance.

Guest

Can you get a 2nd mortgage if your house is paid for?

jameshogg · Posted: Tue Sep 13, 2011 9:56 pm Post subject:

Hi Mandi,

If the property is free and clear, then you don't need to go for a second mortgage. You can take out a normal first mortgage on the property.

Thanks

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Can I get second mortgage with bad credit?