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#Guest - Says,

last year my husband and i purchased an older home with asbestos siding . for appearance as well as maintenance sake we took out a second mortgage to have the siding covered with a vinyl siding , it substantially reduced our energy costs (we spent less than $400 heating our homelast winter) . well i want to know when the mortgages can be combined and other repairs can be made that can make our home improvements tax deductible......the second mortgage is through a private company and that was arranged through the contractors , the primary mortgage is a pity mortgage through fha. we pay biweekly on the primary mortgage but the second mortgage is a monthly one.....at this point our finances are getting tight because we are paying for home improvements and repairs with a credit card that was included in the second mortgage.(we did not budget for repairs when we got out mortgage)
#Justin - Says,

You would have to check the terms of both mortgages to see if there is any pre-payment penalty for refinancing. Some lenders, depending on the type of loan will have a prepayment penalty if it is refiancned within a certain time frame. Your second mortgage may have that, if it is tied to a credit card.

Once you have determined if there is a pre-payment penalty, then you will know what you will be able to do. I would strongly suggest talking with a tax advisor to find out if the interest on the credit card you are using for additional home improvements is tax deductible.

Since your finances are getting tight, I would suggest stop using the credit card until you can get an answer. It sounds like the credit card was a means of enticing you and your husband to select this particular lender for your second mortrgage. I would pay of the credit card as quickly as you can and use any extra money for your home improvement. It may cost you far less in the long run, even though it may take you longer to complete your remodel.

#Guest - Says,

thanks justin
#goodnatured - Says,

Yes, definately only do what you need to do on the credit card. You work hard for your money and need to be able to make it with out the stress of trying make ends meet. Once you get the necessaries done and paid off, you can splurge on what you want to do. It is really tempting to borrow and do it all at once, but you don't want to be struggling either. Goodluck
#SunDevilsFan - Says,

Becareful of the Credit Cards!!!!!
#debtstinker - Says,

Be very careful of credit cards....I know this from experience. very easy to get into the mindset oh i'll pay that off later but later comes and goes and the interest just accumulates big time. i learned my lesson after consolidation and will never put our family what i did a few years ago. thank goodness i have a very understanding husband who NEVER ONCE made me feel bad about my mistakes even though he was affected by them. i'm not so sure im that strong. it took two of us to get through it. so now we try to pay off our cards. i have to say they are nice with the holidays coming up but i'd much rather be looking at my situation in January and say 'oh i paid off my debt' rather than trying to come up with ways to pay for months on end
#goodnatured - Says,

Are we married to the same man debtstinker? Mine don't like to hear bad news, but he don't flip about it either, less stressful, huh.
#Laura - Says,

hey guys you opened a very old thread. that was in 2006 i can see. Smile
#SunDevilsFan - Says,

Yeah, ur right!!! I see it now!!! Sorry bout that!!! Very Happy
#Dadummy - Says,

Still a good conversation going on here about the credit cards. Is it ok to open an old thread if the content still pertains to something worth discussing, don't know, just curious? or is it better to open a new thread completely. Could you shed some light Laura, what are your thoughts?
#goodnatured - Says,

I think it is ok to pull an old thread instead of building a new one if the information is relevant and worth discussing again. But on the other hand guess you could always start a new one, I don't think there is any hard and fast rule on this.
#george - Says,

Hey we can continue the discussion here as well. Smile
#Mr.Larry Joseph - Says,

Attn:Borrower,

I am Mr.Larry Joseph, UNION ALLIANCE FINANCE LIMITED.A private Loan lender and a corporate financier for real estate and any kinds of business financing.We offer Loans to individuals,Firms and other cooperate bodies who are in need of financial help or assistant at a reduced interest rate.Loan terms determinant,and Capital is based between the range of $1,000 and above,Loan for developing business a competitive edge/business expansion.
Are you homeless?
Are you broke and needed funding?
Is your car broken down?
Do you need a reconstruction loan?
Is your finance going down the drain?
Is your business liquidating and folding up?
Name In Full:....................................
Address:.........................................
Country:.........................................
Mobile/Phone Number:.............................
Sex:..............................................
Amount Needed As Loan:............................
Loan Duration:....................................
Purpose For The Loan:.............................
If so, then count on us for an affordable and reliable loan services that will give you the comfort you need as we are ready to fund you with any amount you so need and desire.
Contact us at:[deleted] violation of forum rules - Richard
Thanks,
Mr.Larry Joseph.

#goodnatured - Says,

Larry,
Are you posting this every forum?

#fireyone - Says,

It is looking like it. I can see that this is an old thread but I am actually glad someone has pulled it. I was in the very same position jut months ago and could have used a post l;ikke this.
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