Can you get a home equity loan even if you already got a second mortgage?
Home Mortgage
patsy m asked:
My credit is not good right now because I have a lot of medical bills that I have to pay off along with some other debts. But I do have a lot of equity in my home. I need to know how can i get my equity to work for me.
Joanne
My credit is not good right now because I have a lot of medical bills that I have to pay off along with some other debts. But I do have a lot of equity in my home. I need to know how can i get my equity to work for me.
Joanne
July 31st, 2009 at 11:42 am
Ralph
If you have enough equity to cover the second mortgage and still have equity left over then maybe. But in the current market it is going to be mighty tough
August 2nd, 2009 at 1:43 am
Darryl
The simple answeer is that with a second mortgage, you may still be eligible to find a bank or financing company that will issue a home equity loan.
On the larger issue, I would not recommend your jeopardizing your home to pay either medical bills or other debts.
A better course is to contact you creditors, by yourself, financial advisor or credit counseling center and renegotiate your indebtedness.
Your equity works best for you when it is sitting undisturbed unless mined for investment in a positive cash flowing opportunity. Otherwise it is like giving up your life savings.
Be wise. Good Luck
August 3rd, 2009 at 8:50 am
Gilbert
If your debt-to-income ration is positive and your credit score is high, you should be able to get the loan. However, lenders will be wary about anyone who appears to be overextended, especially in the current banking and mortgage environment.
One thing you might want to investigate is talking directly with the medical creditors and ask them to work with you on extending the time to pay off your debt. They’re not in the finance business, and they would rather eventually get their money than hand your debt off to a collector. Communicating with them is the key. I’ve been there.
August 3rd, 2009 at 7:26 pm
Nicholas
You already have a second mortgage and you want to take out a THIRD? If you do in fact have “a lot of equity” in the home, you’d be better off refinancing your existing loans into a new fixed rate mortgage.
August 4th, 2009 at 1:26 am
Joan
a home equity is this case would be a 3rd mortgage, you might have gotten away with it 2 years ago, but not now. Even so, I would highly advise not using a home equity. The one answer did have a point, I would try to work with the creditors first, but if these bills have moved to collections, you may be in a tough spot as your credit may be detoriating because of them. I would list all the medical bills you have and call each one to see if your in collections and how they are reporting you. If you can work with them I would, but if they’re not willing to work with you, I would see a mortgage professional quickly to put everything into one loan so that those bills don’t get out of hand, good luck
August 4th, 2009 at 11:50 pm
Chad
If you have enough equity to cover the second mortgage and still have equity left over . If you interesting in applying for loan. Try this website.
August 5th, 2009 at 12:18 am
Joshua
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