Chase 1st 4.3% - Wells Fargo 2nd 7.5%

[dizzydaisy]

What to do? Any help? Have $300K equity. Unemployed 1 yr, now need to pull equity $. Currently:

• Chase 1st - 4.3% 15yr w/ 7yrs left (now paying mainly principal)
• Wells Fargo 2nd - $80K partial 7.5 fixed/variable, $55 open line

[briknope]

sell the house and pocket 300k?

[snapple candy]

dizzy,
Doubtful you can get a modification with that much equity and with that kind of interest rate on your first and a refi wouldnt offer a better interest rate. Selling may be your best option as suggested. Could also try and negotiate that 2nd down to a better interest rate...
You could try for a refi for the whole package but being unemployed..well you see the picture.
Many are tapping into their cc and other credit options to stay afloat and end up losing the house in the end anyways. You are better off not doing that but with that much equity, if you want to hold on, you might have to tap the equity line to hold on for another year or so. If you go that direction, I suggest getting that interest lowered before going down that road.

[dizzydaisy]

Thanks for the advice.Snapple...if I ask for an interest rate reduction on the 2nd, and they then know Im unemployeed will then then shut down my remaining equity line? Or what happens if take out 30-40K or the 50K and sock it in a seperate credit union or mattress and then ask for the reduction?Selling my house does not really make sence cuz rentals are as costly as my current mortgage. Pluse I still need to do about $15k more work on the house.

[snapple candy]

Dizzy,
You make a good point about them finding out if you are unemployed. CYA. Pulling the eq out first for under the mattress seems might be better option just to be safe. Im surprised they havent cut your equity line already cuz it seems to be happening across the board.