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aprice · Joined: 29 Aug 2009 Posts: 1 1.48 Dollars($)

i have a 1st and 2nd mortgage. the balance on the 1st is 80,000 and the 2nd is 20,000. i also have credit card debt and hospital bills of 15,000. is there a way to combine my 2nd mortgage with my credit card debt? my problem is that my house value has went down from 124,000 to 85,000 due to all the foreclosures in my community. i am not behind on my mortgage, although i am behind on my credit cards. i bring home around $850.00 every 2 weeks. my mortgage is automatic--$350.00 then my 2nd mortgage runs around 400.00 per month. i have no money left for food if i pay all the creditors, this is including the utilities.. is there a way to put both mortgages together. my interest rate is 6% on 1st and 13% on 2nd. is there any kind of help i can get without filing bankruptcy on cy credit cards. i really do not want to get further behind. this is my first month missing payments.

[Phone number deleted as per forum rules. Thanks.]

eric1 · Posted: Sat Aug 29, 2009 8:53 am Post subject:

aprice

You MAY be able to qualify for the DU Refi Plus program where you can refinance up to 125% of the value of your home. The loan to value may work but you may struggle to meet the debt/income requirements.

Another option for you is to ask someone you know if you can borrow $20k at a rate of 6% There is a good chance that they are not getting anywhere near that rate with those funds just sitting in the bank. Use that 20k to pay off the second loan. You will save almost half of that $400 per month. Depending upon how much credit card debt you have, you could pay that off instead of your 2nd mortgage.

elnoralittle · Posted: Sat Aug 29, 2009 9:54 am Post subject:

it is my understanding you cannot combine a first and second, and the refi cannot be cash out.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Eric suggestion the the second one is good, but you may not eb able to deduct the money pay in interest

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is there any help for me