I bought my house @10 years ago and my second mortgage, which was interest only, is about to come to term and therefore I will have high monthly payments.
Since I bought the house, I have become divorced and declared bankruptcy. Also, because my luck is batting a 1000, I bought my house right before the bubble burst, so my equity in the house is very low.
So in other words, I don't have a lot of equity in the home, I am less than a year into a bankruptcy, im divorced so paying for the house myself.
I don't think I can refi the loan as I have so little equity and because my credit is shot.
Are there any programs outs there to help with second mortgages. I successfully did a loan modification on my first mortgage, but what can I do with my second. It comes to term next August, and I have no clue how I am going to be able to pay for that. Please help.
Read more: Is there anything that can be done with a second mortgage?
