Second Mortgage Refinancing Difficult
Getting a second mortgage will be nearly impossible unless you have aton of equity and absolutely perfect credit. Cash out refinancing is available with FHA but not many homeowners are under 100% loan to value. Bad credit mortgage refinancing is very difficult to find outside of VA and hard money lending. There may be a chance our attorney can negotiate a reduced amount for your unsecured debts but they would have to be greater than $10,000 for most debt settlement programs.
The major benefit is a reduced balance which will free up your cash flow and increase the monthly savings. Also, you can have the debt paid quickly in less than eighteen months. The only concern with debt relief would be is that you have to jump through some hoops to qualify and may have a short term blip on your credit but it’s not a big deal if you pay the debt off quickly.
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