If the first mortgage is at 7% and the second mortgage is at 10%, the 'actual' rate would be 7+7+10=24, and then divide by 3, and the result is 8%. Is this lower than your current mortgage? If so, you should rewrite the whole loan, unless the second mortgage can be repaid in a short time. Is the 8% less than your credit card debt, then you would eliminate the more expensive credit card debt.