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How do I manage a mortgage on a property that has devalued in the state of Florida?

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jackiecobra Joined: 27 Aug 2010 Posts: 1 2.07 Dollars($)	Posted: Fri Aug 27, 2010 8:07 am    Post subject: How do I manage a mortgage on a property that has devalued i Like 0 Dislike 0 I currently own 3 houses with corresponding mortgages in the state of Florida. All property values have significantly decreased and I am not sure how to manage the monthly payments for the mortgages. Can I consolidate all 3 mortgages like I could do if I had many credit card debts or do I opt to refinance the mortgages at a lower interest rate? Resale of the properties is not an option as I would not be making a profit or breaking even. Should the bank not readjust the mortgage in function of its new devalued price? I also took an equity line for $70 000 to use as a down payment to purchase one of the 3 properties. Can I consolidate the equity line with my 3 mortgages? Ideally, I want to make one payment for everything at a lower rate. Thank you!
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Sat Aug 28, 2010 2:29 am    Post subject: Like 0 Dislike 0 You cannot consolidate your 3 mortgages into one like your credit card debts. If you've equity in your property, then you might refinance the three mortgages in order to lower your interest rates and monthly mortgage payments. _________________ Good is the Enemy of Great.

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