I am 14 months into 5-yr 100% plan to pay off $11k; no late payments. I own 2 rentals plus my primary residence. My primary residence has $0-20k equity and is a 30-yr fixed. Rental (a) is a condo w/ $70k equity and a 20-yr fixed. Rental (b) is a TH w/ 2 mortgages and is upside down by $50k; first mortgage is a 7/1 ARM that starts adjusting in 2012; second mortgage is a $50k Prime HELOC. I am trying to figure out the best way to deal with these last 2 mortgages. I do not want to sell rental (a) so I think one option is tighten my belt, make extra payments on these last 2 mortgages, my car, and BK, but I'm not sure which one to try to pay off first. Another option might be to try to refinance rental (a) to pay off BK and part of the HELOC. I'm worried and a little confused, especially since I am disabled on a fixed income. Any ideas?
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I'm just trying figure whether I should sell while I still have equity or ride things out while trying to make extra payments.
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