Unfortuanately, ths is one area that has been hit hard by the constriction of the mortgage market. For the most part, 2nd mortgages do not go above 90% andymore, and you need at least a 680 or 700 in most cases. You didn't say what your score was.
If you really need the cash, then you can consider doing a FHA cashout refinance which would allow you to go up to 95% of your homes value, but this should be a last resort, as refinancing is not cheap.
Cash out refinance is an option you can think about. But your monthly payments are likely to increase as the loan amount is higher because you're pulling out cash in the process. However, if the new loan term is long enough, chances are your monthly payments can be low. Check out the cash-out refinancing options from an earlier discussion on this topic.
stephaniewilson
