Financial Advice: The '3 Mortgage' Blues

Excerpt:  Dear Dave, My wife and I recently moved, but we still own our old house out of state and owe about $122,000 on that mortgage. We took out a 125 percent mortgage to allow us to do debt consolidation and give us extra cash. We owe about $34,000 on that second mortgage, so now we owe $156,000 on the house, and it's only worth $150,000. We've been trying to sell it for six months with no luck. We're still paying the mortgages on that house plus we have a mortgage on our house here in Michigan. We can't do this much longer. What should we do? Chad

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