Posted on: 20th Apr, 2010 01:41 pm
i have about $70,000 in equity in my home, but i fell behind in payments. is is possible to get a second mortgage to get current on my first mortgage and pay off some debt? or is that not a possibility since i am not current on the first?... i am currently applying for a loan modification. i just thought that if i could get a loan to pay off my vehicles, credit cards, and become current on my 1st mortgage that i could easily make the first and second mortgage payment each month.
So my question is, will a lender give me a second mortgage to become current on the first mortgage or do I have to be current on my first mortgage?
You do not have to be current on your primairy loan. I would encourage you not to take out a second mortgage because you are only going to get a temporary fix. I would call your current mortgage company and work out a special payment plan with them in order to get caught up. If you are unable to do that I would locate your local non-profit housing agency and ask them if they know anyone who could help you pro bono. Don't get yourself into more debt!!!