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Getting a second mortgage with bad credit can actually result in an improvement in your credit score.It is not easy to qualify for a second mortgage with bad credit, but it can be done.RATE SEARCH: Get Current Refinance Rates A second mortgage is when you use the equity in your home as collateral for a second home loan.

Even if you’ve had accounts forwarded to collections, have filed bankruptcy in the past, or have high debt, you still may qualify to refinance!

By working with an FHA mortgage instead of a standard loan, you could save thousands of dollars in interest and closing costs, too.

But how do you get a debt consolidation loan with bad credit?

We asked the experts to find out the best types of loans for consolidating debt for people with poor credit.

You can obtain a copy of this report to insure the information contained on it is correct. Rule 4: Don’t apply for too many credit cards at the same time. Late Payments One of the fastest ways to mess up your credit rating is through late payments. Credit card companies report to the Credit Reporting Agency when you account goes more than 30 days in arrears. The statistics show that people with poor credit ratings are more likely to get in accidents.

If you need extra cash or want to make renovations to your home a second mortgage may be a good option. In this article we are going to go over some of your options for getting a second mortgage with bad credit.Refinancing your mortgage is a great way to reduce your monthly payments or take out cash. Because these loans are insured by the federal government, more people qualify for FHA loans than for traditional ones. An FHA mortgage can help you refinance your current loan – even if you have bad credit.If you have your primary mortgage paid off its even better. A debt consolidation loan may be a great option for you.Interest paid on a home equity loan or line of credit may be tax deductible. A bad credit history can follow you for years, making it difficult for you to borrow money when you need it.

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