If you owned my home, what would you do?

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Here is the deal, i own a home in st.petersburg florida valued at around 200,000. I have owned the home for a little over 2 years now. The purchase price was 120,000. I pay the mortgage to the previous owner on a monthly basis of 689.00. It is a 30 year loan, at a fixed 6 % rate. In september, in order to keep up with my property and insurance taxes, i took out a home equity line of credit with bank of america. Right now, i have used about 6500.00 of the 25,000 limit(it is a 10 year HELOC). If you were in my position, what would you do?. Just keep paying on both these loans like i have been, or seek to refinance the entire amount, to pay off the previous owner, and the HELOC. Thank you for your time.

If you owned my home, what would you do?

I think you have the right idea by seeking to pay off both of the loans with one of your own....however, I do think that 689 is quite low and your new bank loan would be MUCH higher.

Is there any way you can have an apprasial done since that is quite a huge jump in value (80k) over the course of two years.....

Is there a reason that you decided NOT to finance with the bank in the first place?

If you owned my home, what would you do?

It sounds as if you are are having trouble affording the home when taxes and insurance are includeed. This leaves you two choices.

1. If the value of the home has reall y gone up that high in 2 years, you should sell the home. this would leave you with around 55,000 To put toward a more managable house.

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If you owned my home, what would you do?

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