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Due to being out of work for illness and other factors, I got behind on my mortgage. Fortunately the loan company worked with me and we did a loan remodification. Now I am being garnished for a credit card and am afraid I won't be able to make my payments for about 5 months. Should I try to take out a 2nd mortgage to carry me and then use what is left to pay back on the 2nd mortgage? I will be in good shape again in 5 months but don't want to lose my home and have no where to get and finances.

kayleemegn1's picture
kayleemegn1 | Joined: July 7, 2012 01:22 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should go for [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] only if you are in a pool of debts, facing financial hardships and you didn’t earn much to pay off your debt. You will always receive a second mortgage on your home’s equity therefore, proper planning and strategy is required else it could make situations worse for you.

Get your at "http://www.creditscore.com/"

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Like | Dislike | Share | Posted: Fri, 09/28/2012 - 03:17 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am not very good at maintaining my credit cards & now have 9 cards with around $50,000 balance on them with rates that range from 12 to 18%. Few days back I got a offer for a $55,000 second mortgage which would be at 16% for a period of 30 yrs. to be used for consolidating these credit card debts. I was thinking that it would result in considerably reducing the monthly payments, I like to have all the opinion I can get on whether it will be a right choice to make or not.

Like | Dislike | Share | Posted: Tue, 05/22/2007 - 19:33 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jewison,

There are pros and cons of taking out a second loan to pay down credit card debts. It is advantageous to pay off the loans which have interest rates higher than that of the second mortgage. But on the other hand, paying off debts having rates lower than 16% will be a loss on your part. Anyway, it is still a wise thing to pay off high interest debts first.

You will find a similar query at a previous discussion on Paying off Credit Card debt with Second Mortgage .

Hope that will help you.

Thanks

Like | Dislike | Share | Posted: Wed, 05/23/2007 - 05:14 | Post subject:

miller_st's picture
miller_st | Joined: January 17, 2007 04:47 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

As per the details you have provided, rate on some cards is lower than what rate you would be getting on this second mortgage. I would say make it partial and leave out the cards which have lower rates compared to the rate you will have for the second mortgage.

Another point to note is that if you have plans of shifting to some other city in the near future to get a better job. If the second mortgage would result in total debt on the house to exceed its current value then if you were to sell, you will have to bring cash to pay off both the loans. For example, if total debt amounts to $200,000 & value of the house at the time you plan to shift come out to $160,000 then you will have to pay the balance amount from pocket.

Miller<a

Like | Dislike | Share | Posted: Wed, 05/23/2007 - 16:07 | Post subject:

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Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am thinking about a [url=http://www.mortgagefit.com/refinance.html]refinance[/url]. I owe 85000 on my present fixed mortgage and I plan on getting married soon. I want to pay off both our credit card debts of about 4,000 and have money for reception and honeymoon. I have put about 20,000 in improvements to the home and am hoping that house will appraise for over 105,000 so I can take out money for what we need. If home does not appraise for that amount what other options do I have? I want to be married before end of March. doubleD

Like | Dislike | Share | Posted: Mon, 01/21/2008 - 20:58 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It may be difficult for you to qualify for a second mortgage if you have already fallen behind on payments but I think it could be a good idea if it saves you money so that you don't ruin your credit or lose the house.

Like | Dislike | Share | Posted: Mon, 01/21/2008 - 22:09 | Post subject:

Samantha's picture
Samantha | Joined: September 16, 2005 11:59 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Double D,

Welcome to the forum.

Do you have any idea as to what's the market in your area? That is, how are homes selling in your neighborhood and where do you stay actually?

You will get an idea of your home price from the recent home sales in your neighborhood. So, you would roughly get an idea as to what can be your appraised home value.

I think you can start off with getting pre-qualifed with a few lenders and that will give you an idea as to how much of a loan you can probably get.

Feel free to ask if you have further queries.

With best wishes for your marriage

May god bless you

Samantha

Like | Dislike | Share | Posted: Mon, 01/21/2008 - 23:47 | Post subject:

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bastogne.inc | Joined: May 18, 2007 07:34 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Double D,

It sounds like you are already strapped. Why throw more debt, on top of debt? It's not the most exciting idea, but try to work your way out modestly, paying off the high interest credit cards first. And hey, maybe you just elope, instead of having a big expensive wedding. Good luck in whatever you decide.

Like | Dislike | Share | Posted: Thu, 08/07/2008 - 19:38 | Post subject:

mandarin.mint's picture
mandarin.mint | Joined: August 22, 2008 09:43 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Taking out a second mortgage is very . . . almost extremely tempting. But it should absolutely be your last option because once you start digging yourself into your debt-hole, it's easier to just sink deeper and deeper. There has to be a point where you stop.

This article is very helpful in explaining the dangers in taking out a second mortgage:
"http://gabwith.us/why-getting-a-second-mortgage-is-a-bad-idea/"

I suggest you consult a financial adviser or someone who can help you in your tough financial situation and keep you out of getting deeper into debt

Good luck.

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Like | Dislike | Share | Posted: Fri, 08/22/2008 - 21:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

About how much would my 2nd mortgage be a month if I take out one for 30,000? I have credit dard debt in that amount that im struggling to keep up with, Im getting nailed with late fees. I was also unsure if I still qualify for a loan or is my credit score going to prohibit me from qualifing for a loan?

Like | Dislike | Share | Posted: Thu, 10/09/2008 - 16:04 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

You can use the following calculator for calculating the payments:

http://www.mortgagefit.com/calculators/howmuch-pay.html

Thanks,

Jerry

Like | Dislike | Share | Posted: Fri, 10/10/2008 - 04:37 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

DoubleD never borrow on your home for marriage think about this for a min love is Grand Divorse is 2 Grand

Like | Dislike | Share | Posted: Fri, 10/24/2008 - 07:08 | Post subject:

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