Asked by DERAVAKIAN  |  Submitted February 28, 2016

I have a 750,000 house and a yearly income of 80,000. I am behind on payments but I have an 813 credit score, how can I get a second mortgage?

I am currently ill with rabies and have been using credit cards a lot to make ends meet.

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  2

February 29, 2016

Ideas 1) contact the present lender to see if they offer a 2nd mortgage/ HELOC program 2) contact where you bank for options 3) contact the smaller / mid sized local banks or credit unions in your area. Your score is good and if you have ample equity and can qualify you should be able to locate a good 2nd mortgage program to use

$commenter.renderDisplayableName() | 09.29.20 @ 14:01


March 01, 2016

If you cannot afford the home why would you want to leverage it further? Putting yourself in deeper debt will only dig the hole deeper. While the answer is not comfortable, it is advisable. Sell the home and buy something that is well within your budget. Remember, a home is not an investment, it is place to live - a second home can be an investment, but never the first.

$commenter.renderDisplayableName() | 09.29.20 @ 14:01