No second mortgage!

Dear Dave,

My husband was recently told layoffs are about to happen at his company and that it might be a good idea for him to start looking for another job. He has found a couple of good possibilities, but the jobs are located about 100 miles away. In preparation for a possible move, we spoke with a real estate agent who told us we’d have to remodel our kitchen to sell the house. We’ve got about $4,000 in savings, but the agent said remodeling would take between $2,500 and $3,000. Should we get a second mortgage to pay for the work?

Natalie

Dear Natalie,

For starters, I’d suggest cutting expenses any way you can, living on a strict budget and saving as much cash as possible. But taking out a second mortgage? No! You don’t want that hanging over your heads.

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