All Forum Posts by: Ken Chatman

That is what I assumed, but I have been turned away several times. I have calls into 5th third which is my primary bank but haven't gotten a call back yet. Please help

I am becoming so frustrated with refinancing at the lowest rates. I have been trying for the last two weeks to find a refinance option for my primary residence. I am being told by several online companies and banks that since I own more than 12 properties (7 do not have mortgages). I cant understand the logic, if this is indeed true. During the housing crisis, I attempted to refinance my rental properties only to be told that I had more than 4 mortgaged properties. Equity seems to be useless if I can never gain access to it for one reason or another. I have 30 years with the same employer as well as excellent credit scores.. What am I doing wrong??? This is the refinance loan scenario I am attempting. I have a 225k 1st mortgage on my primary residence. I also have a HELOC for 62k on this same residence. The HELOC was obtained shortly after purchasing the home, I Put down 80k and had the intuition to pull it out a few months prior to the housing crisis. Maybe God was looking out for me on this one. The current value of the property is 290k. I wanted to refinance one of my rental properties to pay off the HELOC. Two of the banks told me they no longer refinance rental properties if they dont have a current mortgage. I then offered to pay off the HELOC by withdrawing funds from my 401K. This would put the loan at 225k on a 295k LTV. Loan Depot told me even if I paid off the HELOC, they would still be unable to assist me. They stated that I own more than 12 properties. Please help as I cant take too many more declines. I'm willing to accept that I may have done something wrong, but I cant identify it. I was always told to pay my bills on time and not to overextend my finances but I still feel helpless. Thank you

I'm 57 and have 14 rental units. (12 SFR's, one has two apartments behind the garage) Me and my wife have been investing about 17 years. We have made all of the mistakes.. renting to family, falling for tenant stories.