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Should I get a second mortgage or refinance?

I recently remodeled my home which brought the value form 102,00 to 157,00(city assessment no appraisal done yet),this caused me to fall behind in several loans and effected my credit rating. I would like to get a loan to pay off my debts and have just a little extra for emergencies. what would be better for me a second mortgage for refinancing. by galeboston from Boston, Massachusetts. Jan 11th 2010 Reply

Leo Harvey (LHARVEY)
#2 ranked lender in Pennsylvania - 147 contributions

Your current credit rating is the key here. You can get free reports(really free) from 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 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.

Jan 12th 2010
John Sweeney (swnyoliv)
#6 ranked lender in Massachusetts - 1 contribution

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

Jan 11th 2010
Reggie Hayes (rhayes)
#15 ranked lender in New Jersey - 12 contributions

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 or cell 248-361-1908.

Jan 11th 2010
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