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Subject:  Re: Bankrupt or try to 'gut it out'? Date:  11/2/2012  11:05 AM
Author:  aj485 Number:  306220 of 309665

I'm just pondering if a re-fi and a combining of the two mortgages might be feasible.

I think you are tilting at windmills. With closing costs added into the loan (because I'm assuming you can't pay these out of pocket), if your value and current balances are consistent with what you have stated, you are going to either have to get an FHA loan (with MIP) or conventional loan with PMI, because you will be at about 85% LTV. The MIP/PMI costs will cut down on the savings you are anticipating, if you can even qualify for a new loan with your documentable income of $45k. (Unless your wife's income is documentable for at least 2 years in her current business, it won't be counted.)

Even if you are able to save enough on your mortgage payment to make up for the $350 that you *think* you are overspending each month, it's still not going to resolve the basic issue that you and your wife are not