Need Help! financial Challenge

[Wayne Swenseid]

here is my story.

I have been wanting to get into real estate for the longest time.

But first I would like to remedy my current financial situation. Here we go;I own my house, I have a 30 year fixed mortgage at 5.4% of $120,000. Comps in the area are at about $270,000-$280,000.

I have a second (line of credit) interest only, that Is $92,000 at and interest rate of 7%. This was a 10 year interest only loan which converts ( in 6 months) into a 30 year fixed loan. I believe I am sitting at a 80% to 20% LTV.

I own my own business and for the past four years I have not recorded and income. my credit is terrible. my wife has a career job grossing about $80,000 per year. her credit is also not very good. She has been on the job for in an excess of five years.

I would like to find a way to consolidate both first and second mortgages to a low interest rate 30 year fixed.

Please, if anybody knows what my options are I would love to hear from every body.