Corn_Flake asked:


I just found out that because I’ve exceeded my line of credit 2 times in 6 months, Bank of America wants to jack my APR up to 32% intrest. I’ve been with them for 4-5 years now and they are unwilling to work with me even though I’ve never had a late payment or exceeded the credit limit before.
The balance is substantial. I’m afraid that no one will extend me a line of credit large enough to cover my balance. Should I look into taking out a second mortgage on the house I’ve been in for 1.5 years? What are my other options? What’s the downside to a second mortgage?
Thanks!
Actually the reason I’ve wracked up such debt is because I go through spells of depression/spending. If it’s available when I’m down, I spend. I pay it back later. It hasn’t been a problem up until recently when a few medical bills and a fiasco or two occured.

Ella

Mariza V asked:


I owe 2 houses one under my name, in the rental property I am 1 payment behind in the first deed and 5 payments behind on the second deed. I can’t make the payments no more, I am in home loans, and my paycheck has been reduce soo much. I want to keep only my owner occupied property and let go the rental. Balance is $410,K and $220K on second. I been thinking on calling the lenders to give them the house back, some other friends tell me to do a shortsale, and other to file bankruptcy or forclose the property. at this point all I want is not to have $5,500 mortgage payment a month. I can’t refinance because there is no equity, and my credit has been ruined due to the late payments, I don’t want to go to a credit consultant because my intentions are not to keep the house. I need some advise before I go to an attorney .

Neil

Rilo Kiley Rules asked:


Do you make two payments at the same time? Or does that mean that if you had a 30 year mortgage you now have a 60 year mortgage or something else.

I’m sorry if this is a lame question. I’m 17 and haven’t bought a house yet, and I’m just curious.

Tracy

Hannahbelle asked:


We have a second mortgage on our home. The interest rate varies between 7 & 8 percent. Would we be better off to take money out of an annunity (tax free) and pay this off or leave it in and draw 3% interest? Thank you.

Melanie

mrspowell45225 asked:


I pay first mortgage on time and taxes on time so how can I keep my home .

Willie

thebuffettour asked:


This happened about 2 years ago and we are now looking to sell due to job loss. If I find out there is actually a second mortgage and we are now financed over the value of the house do I have any recourse against the broker firm?

Jamie

Yovany asked:


I can only afford to pay my first mortgage and I can’t refinance the loan because of the decreased home value and bad credit.

Ida

Samantha Jones asked:


Is the house going to be foreclosed even if your mortgage is paid on time? Ist and 2nd mortgage are from the same bank.

Sara

thebuffettour asked:


Our broker from a couple years ago on a refinance said our second mortgage wasn’t an actual second mortgage but a personal line of credit, so they refinanced us for the full value of the house. They did not contact the second mortgage company about this and never got them to agree to be the second mortgage to the first company’s refinance.
How do I find out if the second mortgage IS a second mortgage and isn’t the broker supposed to make sure everything is legit?

Lynn

Natazha T asked:


Ok my friend owes 80,000 dollars left on his first mortgage and has bills up to 40,000 .Good credit pays on time but he wants to take a second mortgage of around 125,000 pay the same house and the bills and have one mortgage .Pay more Yes and maybe financed for another 15 years ok but how do we do that .Can you even do that?And if you can what do you do?

Gail