Posted on: 01st Oct, 2009 03:39 pm
i just bought a house over a year ago for $245,000 that was appraised for $320,000. this past year the house required about $25,000 of work on it that i had to pay out of pocket. unfortunately, most of the expenses went on my credit cards and now i'm deep in debt. is it possible to get a second mortgage to consolidate my debt even though i've only been paying off my first mortgage for over a year?
currently, i still 217,000 on the first mortgage...
currently, i still 217,000 on the first mortgage...
Your about 80% ltv you can refi, the best bet is to consolidate your debt through a credit repair company, to save your score
hi krenaldi!
welcome to forums!
if you've equity in your property, then you would be able to get a refinance or a second mortgage. however, in my opinion, going for a refinance is a better option. this will help you remain liable for only one loan whereas if you go for a second mortgage, you would be responsible for paying off two loans.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you've equity in your property, then you would be able to get a refinance or a second mortgage. however, in my opinion, going for a refinance is a better option. this will help you remain liable for only one loan whereas if you go for a second mortgage, you would be responsible for paying off two loans.
feel free to ask if you've further queries.
sussane