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robin Feagin Asked:

I am paying on a Townhouse that I owe only $117,230.87 and the interest rate is only 5.50%. I am current on my mortgage. I have a loan for $45,000.00 and Equity Credit Line for $20,000.00. My credit score is 780 and I wanted to refinance everything under one payment but the value of the property has dropped from $262,000.00 to $130,000.00. What other possible options do I have or should I just leave everything alone and concentrate on paying the equity line off first and then the loan? Thanks for your input. [Los Angeles CA]



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Answer Provided by: Preston Kenney [07/07/2009]

You have no real refinance options that will help with consolidating your debts. Your best bet is to focus paying down the highest interest debt to get rid of it first.