I was online looking at info about whether or not it would be in our best interest to use a company to negotiate down our credit card debt and stumbled onto this site. I feel like I have this huge heavy cloud hanging over my head with our 2nd mortgage and we really have no idea how to get out from under it. Now I see that there may possibly be a solution. Before I begin I want to apologize if I'm asking something that has been answered before. I've been reading nonstop and I think at this point I've read so much I'm even more confused.
Here are the basics:
1st mortgage: $85,000 with GMAC (we just refinanced this to a new 15 year mortgage to cut the payments by about $700 a month. We tried to combine both loans to refinance but we owe too much/value too low)
2nd mortgage: $191,000 with SunTrust (interest only/adjustable - 3.5%. We have been paying on this FOREVER and it has barely moved)
Home value: according to zillow our home is worth $232,000.
We live in Florida.
Please let me know if you need more information and thank you in advance for any advice.