I HAVE A MORTGAGE ON 1 HOUSE (110K) LOC (46K), AN

I HAVE A MORTGAGE ON 1 HOUSE (110K) LOC (46K), ANOTHER HOUSE (32KW RENTORS)
HAD SELLER FOR SECOND HOUSE BUT I'M TOLD THE LOC IS TIED TO BOTH HOUSES.? COULDN'T SELL.(EVEN THOUGH THE RENTAL WAS SOLD TO ANOTHER MTG. CO.
I'M A QUAD. WITH A SPECIAL NEEDS TRUST=4K/MONT/GUAR. 4 REST OF MY LIFE, EVEN IF I OUT LIVE REMAINDER, IF NOT BAL. @ THIS TIME IS 400K/WHICH UPON MY DEATH GOES INTO MY ESTATE.I ALSO RECIEVE, 18K/SSDI. I HAVE 17K SAVED INN MY TRUST MM ACCT. I HAVE GOOD CREDIT/LOW BALANCES. TO PAY FOR MY MMEDICAL HELP I RECIEVE 36K/YEAR FROM THE STATE W/10K IN SAVINGS IN THAT ACCOUNT. HOW CAN I CONSOLIDATE? BOTH MMORT. @ 7 1/2%, LOC,1 OVER PRIME. CC DDEBT 8K.
HOW CAN YOU OR SOMEONE HELP?
THE GOOD O USA KEEPS KNOCKING DOWN HOUSE VALUES IF I CCAN GET 200K @ DECENT RATE I CAN DOUBLE MY MONTHLY SAVINGS.
I LIVE IN A NICE PART OF FL.I'VE NEVER MISSED A PAYMENT.
GOD BLESS
MICHAEL

1 Answers

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Well... the line of credit can't be tied to both the houses. It will be either on your first property or on your second property. You can check out your line of credit loan documents in order to find out more in this regard.

As far as your mortgages are concerned, you can refinance the mortgages in order to get better rates to pay them off. As far as your unsecured debts are concerned, you need to consolidate the debts to pay them off in an affordable manner. You can even contact a professional debt relief company in order to consolidate your unsecured debts.


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