Mortgage possibilities?

Im considering refinance possibilities.

Current:

$67,600

1st mortgage - 7% - very recent refi previously done due to layoff.

$15,000

Line of Credit (sorta a 2nd mortgage) - 9% - full

$9000

Credit card debt - mostly due to layoff going from making

$70,000 a year to $20,000 a year.

Various rates among 3 cards (all same bank).

Refinance reasons is obvious.

But ultimate reason is consolidate.

Recent attempts at getting estimates find most of the choices

are that a new primary might not be good enough to replace current (except on rate), but the costs are such to make it almost not doable.

On 2nd mortgage, seems that its not doable in that some rates are even above my current avg rate on my debt.

Suggestions?

Im leaning toward doing nothing except locking the lineofcredit into a shorterm fixed loan and using a future cashflow improvement to pay off debt (cashflow improvement is a investment that will actually pay the mortga

Mortgage possibilities?quick loan

The missing pieces of this puzzle to quote solutions are credit score and value of the home.

There are many loan programs designed for debt consolidation. maybe a little guidance from the credit score side would be helpful...if we get your score as high as it could be it helps with rate / fees etc.

I train loan officers and write a blog that can help you...check it out.

Mortgage possibilities?

loan

The webguide http://mortgagehelp.assistance...

has highly useful info on mortgage and home financing.

You can get all your doubts clarified from the site.

Check it out. Good luck! Report It

|||I would sell the house; if the house has enough equity in it to pay off the 1st mortgage and settle with the credit card companies, etc... If the credit card debt is unsucure debt than you should have a little time to sell your house. If you have little or no equity in the home you cannot refinance unless the home will appraise for the amount financed. If the house will appraise for the amount of your debts maybe you can settle with the credit card company%26#039;s for less with a lump sum payment and work this out between you and them; have a written agreement. Don%26#039;t sign anything until you know what all your options are. Talk to a lawyer and get his opinion. Maybe you could file a chapter 13 bankruptcy or a chapter 7 but I would not do that with unsecure debt unless there were threats of garnishments to my paycheck. If you file a bankruptcy some of the laws have changed now and you can lose your home that is why it is very important to talk to a lawyer. Maybe you could leave your house out of the bankruptcy.