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gbradley · Joined: 28 Aug 2007 Posts: 4 2.29 Dollars($)

2nd Mortgage. Looking to purchase a home but carry 30k in debt. Need to consolidate to afford a new home, but it seems as though every company out there recently stopped doing the 110% and 125% 2nd mortgages. Any ideas would be greatly appreciated.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

ezmortgageloanz · Posted: Tue Aug 28, 2007 4:56 pm Post subject:

Unfortunately these options are no longer available with the exit of Aegis, CIT, etc. from the 2nd mortgage markets...

Regards,

Scott Miller

gbradley · Joined: 28 Aug 2007 Posts: 4 2.29 Dollars($)

That is what I've been noticing so far. Which is a bummer. I have no issues with paying my debt as in it's mine and I will pay it, but it needs to be consolidated for me to be able to pay the mortgage. Can anyone else think of any other options? Once again thanks.

gbradley · Joined: 28 Aug 2007 Posts: 4 2.29 Dollars($)

I have actually looked into a few of those a month or 2 ago. And every one that I talked to explained to me the way they do it is to let you default on all of your debt. Then they come in and contact the debtors, but by then, your credit is shot. These guys any different?

Niicss · Posted: Tue Aug 28, 2007 5:31 pm Post subject:

Bradley, for debt consolidation, the debts need not be in default before the consolidation process starts. I think somebody gave you wrong information about it.

gbradley · Joined: 28 Aug 2007 Posts: 4 2.29 Dollars($)

I will certainly look into other companies out there that do offer consolidation without default. Thank you for the reply.

I'm also open to any other ideas that may be floating around out there.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Gbradley,

You can try out with a debt consolidation mortgage. With this type of loan, you can repay your debts by using the equity in your property. This loan will charge you a lower interest rate but you have to continue the payments for a longer period of time. To know more on debt consolidation loan, you may refer to http://www.mortgagefit.com/debt-consolidation.html

Guest

Hello Gbradley,

You can go for a cash out refinance by taking a new loan in place of your second mortgage. This will help you to pay off your debt and with the extra cash obtained through this refinancing, you can bear your other expenditures also.

Niicss · Posted: Thu Aug 30, 2007 1:44 pm Post subject:

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Are 110% and 125% mortgages gone?