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A reader question about second mortgages

Olynn, a reader who moved to Baltimore for work, is stuck with a house in Michigan because it's more than halfway underwater. Olynn, who's renting that house out and leasing a place here to live in, has a question:

"How open are lenders to a second mortgage? I have excellent credit and minimal debts."

It's been a while since I've talked to mortgage folks about this issue. I'm guessing it's pretty tough these days, but perhaps someone with day-to-day knowledge on the topic could weigh in?

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