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fromgoodtobadfast

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I am looking into a second mortgage to consulidate my debt.
I would like professional advice and recommendations on getting a second mortgage to consolidate my debt. I have endured many financial hardships in the past few months and I want to get back on track with my debt and credit score.

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If this second mortgage is to refinance your hoime, fine.  If it is to consoldate unsecured financial instruments such as credit cards and revolving charge accounts it is NOT a good idea.  Why risk your home to repay credit cards and other such debts that you just might run up again?  Credit cards are non-secured debts in that there is usually nothing of significant value that you'd buy with one that could be sold by a creditor to get at least part of the money back.  Not so with a house.  Default on any mortgage and you risk losing it in foreclosure.

Rebuilding your credit may take a bit of time, but it took time to get into debt too, didn't it?  So consider sensible ways of getting debts under control and don't look for a "fast way" out.  The fast ways have a lot more pitfalls.  Slow and steady wins the race.

You are going to have some negative marks on your credit for 7 years, and there is likely no way of changing that except by developing a history of reliable payments. Time and patience work. 

For credit card debts, look into getting a balance transfer card, but keep the old cards (possibly in a lock box) so you have that credit available. Try the credit simnulator program to see if it would work for you.  That's how I consolidated. And read the articles on this site so you can learn more about credit.  That is what Credit Karma is all about. 

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