Should I get a second mortgage or refinance?

Your current credit rating is the key here. You can get free reports(really free) from annualcreditreport.com and determine whether your definition of late is the bureaus definition. This site is the government sponsored free site and there will be no charge to pull your credit reports. I advise people to stay away from the other sites like freecreditreport.com because they want a signup fee for service to get a free report. Most people do not realize that payments have to be 30 days late before a creditor can report it as late to the credit bureaus. if your credit is indeed better than you suspected contact an FHA lender to do a cashout refinance.

what is the rate on the first mortgage? How much do you owe on the mortgage?

Hello.The answer to this question should be simple but it is not. In normal times there would be options for you to get a second mortgage. Now there are second mortgage or lines of credit mostly thru your local banks and which require excellent credit profiles. So, what you need to find out is how you credit was effected by the late payments on the debt that you spoke about. And then more light can be given regarding what your options are from that point.I am here to assist. Reggie Hayes email rhayes@slsmtg.com or cell 248-361-1908.