Is it possible to consolidate 2 mortgages into 1 with bad credit?

Your tax value and appraised value could be wildly different. If your score is over 580 you could go with an FHA loan and borrow 97.75% of your value (96.5% is the max for purchases) as long as there aren't any late mortgage payments in the last 12 months. Other factors may affect your ability to qualify so I recommend working with a LOCAL mortgage banker or broker who can determine what can be done. Click on the 'find a lender' tab above and good luck to you!

How poor is your credit? What is the score?

based on your numbers you are at 100% equity or higher, FHA would go to 96.5% consolidating both loans unfortunetly that is the max.

If your mortgages are not owned by Fannie or Freddie and your value is 122,000 then you cannot combine them. That being said depending on what your scores are you can at least refinance your first. We can get you a refinance with at least a 580 middle score.

550-600 qualifies you for FHA rate and term refinance to 97.75% (correction as I put 96.5% on prior responce) You can always come to closing with the shortage. Most FHA lenders require 600+ scores, we are only in NJ but I'm sure you can find a broker on here that can do Ohio for you with the lower scores.

Jennif, As I read your question, it would appear that FHA might be your only options. The Auditors value is merely a number that is the basis of your taxes. The real questoin is what would the home appraise for if you applied for a loan. Also, how how POOR your credit is because even with FHA you need minimum credit scores. Another option would be is to check with your current lender to see if a Mortgage Modification is possible. Let them know that you would like to keep the home and continue making the payments. Ask if they might lower the rate for a few years while you work on rebuilding your credit. After that hopefully, home values will improve and you would have more options. The only way you will know is to ask.

If you have not taken out any draws from your Home Equity Line of Credit for the past 6 months, you can refinance up to 97.75% combining 2 loans. You need a 620 credit score. I can give you a free credit repair consultation and let you know what you would need to do to get your scores up to 620. Feel free to email me at kakpabla@warshawcapital.com

i am sorry i can not help

Very difficult

You need to actually apply with a Lender411 loan officer.

hard situation

Very difficult.

Hello, as the others mentioned you wouldn't like your interest rate.Where did you get your credit scores from? Online sites like Credit Karma & Credit Sesame, don't accurately reflect your credit scores. In other words your scores most probably will differ on an actual mortgage credit report. I offer Credit Restoration services. Please look at my profile for more information. Thank you;