Posted on: 06th Jan, 2010 06:52 am
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.
depending on your credit rating, it might be difficult to find a second mortgage in this market. how much in delinquent debt do you need to pay off. if you weren't late on your mortgage fha might be the best route as they allow for a cash/out refinance up to 85%.