Refinancing after Bankruptcy - Need some good advice please

[jeffstrikesback]

Hello everyone,

I am currently living with a mortgage of about $40k (6% interest) and PMI payment of $50/month and taxes of $120/month.
My long-time fiancee is on my home's title, did not bankrupt because bills were not high enough <$8k but many late payments
Home comparables can probably show a low or high home value depending on what recent sales are listed
Discharged less than two weeks ago, would this be an ok time to try and refinance my home?
If I do, I would put money toward fixing some problems with my car, help my fiancee get ahead on bills and start improving the credit score, do some upgrades to my property, and have a little money back for emergencies - I am without ANY.
This would be a subprime lender such as Wells Fargo, Countrywide, etc. As a sidenote, I receive very little tax relief from such a small mortgage as it is and would also benefit in deductions.

Thanks,

[sobroke]

What is the house worth? Could you take out a second mortgage? That is tax deductible. I don't think you would get a better deal on your interest rate if you refinanced. Talk to a mortgage broker and ask their opinion. I am in no way a pro, but a second mortgage would be my choice.

[jeffstrikesback]

Really confused - first time homeowner

Thanks for the reply BUT I am a little confused. I have the first mortgage on my home that I did not reaffirm. Can I leave that alone and try to get a second mortgage or line of credit from another lending institution?

I always thought you had to pay off the first bank in order to get money from another bank on the same property. Where am I getting confused and can someone help explain this to me? Thanks.