Debt consolidation or refinance

[Terry Clifton]

Hello I’m Broke, 

I need your expertise:

- Own a 2 family in NYC with about $800K in equity at 3.5% interest rate $2600 monthly mortgage

- Owe about $85k in credit card debt st about 27% apr….all paid minimum but drowning $2500 monthly

- Owe $100k partial claim lien at 0 interest

- HELOC $30 k available at 5% owe 45k

Should i consolidate and pay debt or refinance the $375k + 100k + 45k + 85K 
at a new interest of 7% or just tackle the 85k separately by consolidating with new interest rates of about 17% and use the HELOC of $30k to pay the high interest credit cards?

[Jonathan R McLaughlin]

85K at 27% APR? Woof...Roll that thing over if you have any credit to your name. Promotional rate what have you.

thats a low heloc on that amount of equity

Presuming previous trouble given what you describe I'm not sure you would be able to refi?

have you thought about selling? I mean, that 800K would clear all your debts and provide an amazing springboard to the next thing. Would be a real win. Feels like you are on the edge of the financial wheel here?

What about condoing and selling half the duplex? Now you would have no debt, next to no mortgage cost depending on how you structure it, a secure primary and presumably some cash to work with.