June 23, 2006, Newsletter Issue #21: Need Cash to Pay Off Old Bills? Take a Bad Credit Second Mortgage
Tip of the Week
Many homeowners face trying times that deteriorate their credit after purchasing their homes. Luckily, they were able to secure a good first mortgage loan. Now, however, they will be unable to qualify for the same type of loan terms. This is often a ‘Catch 22’ scenario where the only way to better their credit is through using home equity to pay off the problem accounts on their credit reports. There is a solution to this and it lies in a bad credit second mortgage.
A bad credit 2nd mortgage is a smart move if it will help build your credit back up. Because most second mortgages are for relatively little money, the higher interest rates that come with a bad credit second mortgage will not break the bank. This is a valuation that has to be done on an individual basis. If your situation would be improved with a bad credit second mortgage, apply now and don’t spend another day in bad credit limbo.
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