Financing in 92284>Question Details

crystal, Other/Just Looking in 92256

I am upside down, can I refinance with 2 equity loans into one full morgage on my home.

Asked by crystal, 92256 Sun Oct 10, 2010

Hello,
I owe 73,000 on one fixed home equity loan with 15 yrs left at 5.99% and another 10,000 variable loan with a different credit union. My credit score is low because I am a high risk with massive credit card debt and lowerd income I am currently Unemployed. 1st home loan I also own 12,0000 in visa with the same credit union. Can they put a lien on my home if I couldn't pay them.
I cannot do a BK because I own 2 Lots worth around 30,000 and afraid of losing them.
The home is probably worth 75,000 in this market.
Should I quit whining and feel blessed?

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Keepyourhomecalifornia.org is a government assistance program for unemployed homeowners. They are giving (I heard) up to 12 months of mortgage payments to homeowners.
0 votes Thank Flag Link Thu Nov 7, 2013
First of all, because you are unemployed, the HARP programs won't work for you. If you cannot make your payments, it sounds like the only good option you have is to sell the 2 lots, and pay off as much of the debt as you can. Start with the ones that have the highest interest rate, and highest monthly payments of your credit cards. I don't quite understand the 73,000 loan. Is this your main mortgage, although you are calling it a home equity? What one of the issues might be is that you have that as a shorter term loan, so payments are higher. You might want to approach that bank/credit union, and see if they will adjust your amortization so you can have lower monthly payments.
0 votes Thank Flag Link Mon Oct 11, 2010
Crystal
Relatively speaking, the $8,000 shortfall on your current home is not too bad. The Visa debt is another story and one that won't get better unless you can make over the minimum payment contributions.

Without a job and bad credit, you'd have a hard time finding a refinance option. But, check http://www.makinghomeaffordable.gov to see if there might be a program specific to your situation.

I would also strongly suggest you consider selling the lots. There's an asset that could help you better your situation.

Good luck,
Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
0 votes Thank Flag Link Mon Oct 11, 2010
I would say that you should try and hang in there! Can you rent a room? I would try and find someone who gives credit advice to see where your priority should be in paying your bills. While your home is only worth what you owe at this time, it is still cheaper than renting probably and will go up in value eventually. I would try not to lose it. You may be eligible for a home modification loan. Check out http://www.makinghomeaffordable.com Best, Terry Bell, Realtor, Santa Rosa, CA
0 votes Thank Flag Link Sun Oct 10, 2010
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