(Even though you're consolidating debt currently borrowed against the home, in a case like this it most likely will still be considered cash out.)I don't know that you'll be able to keep the hard money loan, which I'm assuming is the 1st lien, and also get a new second loan for the additional payoffs.

In fact, I am always dishing out advice to the "young bucks" to never jump into your "forever" home" because it will just keep you "forever in debt!"

However I just worry with having that much debt over my head on one property.

BK, if discharged and the debt is not reaffirmed, simply relieves the owner of personal liability.

One of the founders of guru seminars.Invest in Debt by Jim Napier.

Watch your credit and your credit debt ratio.

Important things to know are Debt-to-Income ratio (DTI) requirements, Loan-to-Value (LTV), and credit score requirements.If you have any questions, don't hesitate to ask!

A caution to Persons in Possession of Estate Assets: You may receive this notice of tax due if estate assets or funds were distributed to you prior to the taxes being paid.

There is also a back end DTI is 45% minus any debts (car, student loan, ect) so that would be $1,875 a month.

Then there is the Financial Bridge Investment group (FBI) the Note Securities Academy (NSA) the Home Loan Servicers association, or the (HLS) then there is Dividends on Debt Managed Instruments (DoD MI).Anyway, let me know when these wealth operators get out of school.Sounds like you're starting off, read the forums, begin in RE with the basics, not guru stuff, try a real school and stay away from boot camps, IMO Good luck :)