Rethinking this whole thing

[Flamingo]

Not to sound ignorant or dumb, but why do people take out 2nd mortgages when they have one already?
I had a home but we never took a 2nd mortgage and come to think of it, I don't even know why we would.

Many people take out home equity loans or lines of credit if they have major house repairs to do since many repairs cost thousands and thousands of dollars. The interest on a second mortgage is tax deductible also and usually lower than on a regular loan to get money for the same purpose. However, using home equity for purposes like taking a vacation, paying for a wedding, etc. is ill advised and, as stated in here, can be a bad thing sometimes to pay off CC debt if you are drowning in debt. If you really cannot afford to take out a second mortgage to avoid the credit crunch, you are just digging deeper into debt and will either struggle for a very long time or lose the house. Many people try to avoid the stigma of filing and will take out these loans trying to avoid filing. The scam artists are out there right now just ready to do all sorts of second mortgages to try to help people out; but they are laden with fees that would make your head spin. We investigated that option before filing and when we reviewed the paperwork that came in, that is when reality hit when we saw the fees to try to refinance our way out of our situation. Thankfully we tore up the papers and consulted an attorney. It was a big wake up call that we were going no where.

[klux]

Just like many others, a bet a vast majority of people have tried to borrow there way through things by getting a second mortgage, to try and avoid bankruptcy. I know I did. I got myself further and further in debt but borrowing more and more. I had a truck with a clean title and a camper with a clean title, borrowed $ against both of them to get caught up, never happened. I pray that people can learn from other's mistakes and don't borrow against clean titles and get second mortgages, for the most part, the enevitable will still happen.

[Jeepy89]

I am not sure where in Michigan you are but I was above the median but still qualified for a 7 -