second mortgage loanSince we are in a serious financial crisis right now, it's getting harder to generate a second mortgage loan. People who purchased their homes at the top of the market are probably sitting in houses that are not worth what they paid for them, so it's unlikely that they will be able to get a second mortgage loan for any amount, since they have no equity in the home. Others who have have solid equity can probably get a second mortgage loan as long as their credit is good and they feel that their jobs are secure.

Unless you really need a cash infusion, putting a second mortgage on your house is something you should avoid as long as possible. No one needs more debt in this beleaguered economy. If you can squeak by with what you earn to make those necessary expenses and purchases, stay away from adding more debt to your balance sheet until the housing situation turns for the better. It's hard to sell a home that you are upside down in, and should home prices decline even more in the future, you might be in a tough position should you have to sell.