wil second mortgage help with pay credit cards off and not mess up your first?

Answer 1

a second mortgage is fine if you can find a lender
there is already a lien on your property from the first mortgage

Answer 2

Only when you want to refinance the first and second into one loan. Unless a 2nd is used to purchase the home, when a bank combines the two it will considering a cash-out refinance and they can only go up to a 90% LTV (loan to value.) This means you'll need 5% more equity than if it was just a rate and term refi. Still, you're turning compounded, non-tax deductible interest into simple, tax decuctible interest...as long as you don't use those card anymore and run up debt all over again, it should work out well for you. Just don't use the 2nd mortgage to pay off short-term loans like cars and student loans.

Answer 3

Second mortgages are usually written in such a way that they won't interfere with your existing mortgage. As long as you go through a reputable and licensed lender, you should be just fine.

However, beware of the equity refi trap! Many many times, I've seen people who "paid off" their cards (which isn't really paying off at all, but refinancing), only to charge up the cards again, because they're still overspending. So then they're even deeper in debt than before they started. If you haven't changed the habits that got you in debt to begin with, refinancing your debt won't help you.

Answer 4

yes,

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Answer 5

Yes, if you don't just rack up more credit card charges.