I would like to know the risk of second mortages. My husband and I have a 159,000 loan and right now our credit is over our head. My score was 678 but now it is 607 because all my credit cards are max out. We were thinking about taking out a second mortgage but we really don't know the pros and cons can someone please let me know?

Pros:
generally lower interest rate than unsecured debt like credit cards
interest is tax deductible under most conditions

Cons:
If you default, you could lose your home
amount available is dependent on the equiy you have (value -outstanding mortgage)

Getting a home equity loan is a good way of consolidating your debt and reducing monthly payment. But, if used as debt consolidation, it needs to be accompanied by behavor modification. You need to stop using your credit cards and not buy anything you don't have the cash for. Otherwise your credit card debt will just go back up and you will be in a worse position.

If you do this, cut up every credit card and don't ever get another one.

What I see happen time and time again is people do this and then in two years have maxed their cards out again.

Actually what can help more than this is a tight budget and learning to live within your means.