DEAR READER: You didn't share with me what the interest rate is on your second mortgage, but I would leave things as they are unless the interest rates are very high. The reason that I say this is, if your job is insecure, you will always have the option of paying off the mortgage with the money you have saved. In other words, you could make payments out of that money until you get back on your feet. If your job conditions stabilize, and you would still like to pay off the second mortgage lien, then I would have no problem with that. I would stay as liquid as I can given your current instability.