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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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We currently owe 100,000 dollars on our first mortgage. We

Resolved Question:

We currently owe 100,000 dollars on our first mortgage. We have an equity-line in second position of 340,000 dollars. We bought bare land with the line and can be sold for 220,000 in todays market. If we sell the land, should we pay off the first and refinance the difference? Or, should we keep the first and refinance the first and second together?

Thank you, XXXXX Petaluma, California
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.
Thank you for your question, and thanks for using JustAnswer.com. In the end, if you apply all $220,000 to your debt, the same amount will be refinanced. It would probably be easier to pay off the first mortgage, and then refinance the second mortgage. However, which direction you go really doesn't matter because in the end, when you refinance it will be for the same amount.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a happy, and safe, 2013.

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Expert:  Megan C replied 3 years ago.
Thank you for the positive rating. Please remember me the next time you have a question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer