rates due to dire financial circumstances -- we did because it was either that or lose everything. What we DIDN'T do was pull ALL the equity out -- only enough to pay off all the bills -- cc & medical mostly. Though it left us with a higher interest rate and a higher monthly payment, we refinanced from a 30-year to a 20-year mortgage. It was actually a good move for us. Once our credit is repaired, we'll be able to re-finance with a better rate.
Just offering a point of view that not everyone who refinanced at a higher rate is "really on the ball."
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