Refinance
We moved to Florida 16 months ago and are planning on moving back to Iowa. It is not what we thought. We sold our home in Iowa and the market was starting to fall. So we didn't make a lot. We bought a home down here because everyone kept saying the market was going to go up fast. Big mistake. But now we have bought a home for 159,000 and we have it on the market for 168,900. We have an 80/20 loan and the 20 loan has gone up to 10.5% and the 80 at 7.95%. Our payments are 1650.00 and it is killing us. We have depleted all our 401(k)'s, savings, etc. We are wondering if should refinance. We have 6,000 left in savings and know that that will take up the cost of selling our home and moving back. We are really in a mess and very discouraged. We don't want to foreclose on our home. And are even going to get second jobs to help. We have received a lot of flyers in the mail wanting us to refinance. Can we do that while it is for sale? Also we'll this put us deeper in the hole? Our 20 loan has a 5% early payoff also. Any advise would be greatly appreciated. We are desparate. Thank you