Posted on: 04th Dec, 2010 07:13 am
I have an upside down mortgage due to the market plus a modification. I make over $100k per year, in a job I've had for over 10 years. The mortgage is on a 2nd home, I've lived in my family home since the late 1960's. The problem I'm having is that I took out a few payday loans to cover a bill, now I've shot my credit trying to pay them off. I can afford to pay my normal bills, but obviously it was not the brightest idea to get payday loans. An equity loan on the family home or a loan from a family member is not a possibility. Is there a way I can get a 2nd mortgage on an upside down 1st mortgage, with credit between 500-600? I can more than afford a 1st and 2nd mortgage, with normal monthly bills, i.e., utilities, etc... I just need to be able to get out of payday loan and financial situation I'm temporarily in. I make enough where a consolidation loan will help me, as opposed to debt relief. I owe the money, and I fully intend to pay them off, in full. Is there a reliable financial institution that can help me?
welcome alpha,
as your first mortgage is already upside down, it means that you won't have any equity in your property. in such a situation, you won't be able to get a second mortgage. you can take out a personal loan in order to deal with the situation. however, you should note that personal loans are available at a higher interest rate.
as your first mortgage is already upside down, it means that you won't have any equity in your property. in such a situation, you won't be able to get a second mortgage. you can take out a personal loan in order to deal with the situation. however, you should note that personal loans are available at a higher interest rate.