Posted on: 27th Aug, 2010 08:07 am
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!
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!