I took out a 70k HELOC 1.5 years ago, adding my 1st i owe 205,000. My intrest rate on my 1st is "ARM’ 10% and 2nd 12%. These are killing my payments. I went to try to refinance my credit is 670, but they are telling me my property is valued at 185. if i would come up with 20k they tell me i could save a huge chunk of money. My home was actually appraised at 220 when i took out the HELOC 1.5 years ago. They used a computer to figure it out not a actual appraiser. After doing some reasearch homes sold for 184,000 at that time. I live in a townhome communtiy. I need some help tired of explain this to banks.

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