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Post BK CH7, My options: home loans & auto loans

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Post BK CH7, My options: home loans & auto loans

I try to make this story short. I fought with my cc companies and refinanced my Tahoe 2002 for 11,000  hoping to make a settlement with one of the cc co. It was unsuccessful and I was sued. I ended up filing a BK Ch7. Discharged in 3/2011.

Now the Tahoe's car balance is due with a balance of 5,000. I had to lease a Honda Accord 2012. I needed a 2nd car so that we have trasnportation for school/ work.  I was not quaified for a new auto loan because I did not have any money for a down payment. This is how I ended up with the lease. I have been leasing this car since May 2012.

I want to fix this situation.

I learned that I am not qualified for a conventional loan. I learned that all FHA loans require PMI, which I don't want. I have a 1st of mortgage 135,000, 2nd  mortgage, 65000. Should I refinance 2nd. Forget about the 1st mortgage. I am not qualified for HARP. I have to wait 2 more years following BK for a conventional loan. I am currently on payment, paid 10 years out of the 30 year term.

I want to get rid of the lease contract. Should I obtain an auto loan to purchas this lease car. Then Sell the honda. Maybe sell Tahoe aftwards.Then buy a gently used car. Somehow, my main goals are to get lower payments and stay on a 20 year term, and get rid of the "lease" contract.     Which loan should I go first - 2nd mortgage or auto loan?  

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