too many mortgages?
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too many mortgages? (by Stuart [KY]) Sep 19, 2009 7:00 PM
       too many mortgages? (by Tommy [TX]) Sep 19, 2009 7:07 PM
       too many mortgages? (by MrRational [MD]) Sep 19, 2009 7:09 PM
       too many mortgages? (by Virden [OH]) Sep 19, 2009 7:33 PM
       too many mortgages? (by Lynx [GA]) Sep 19, 2009 8:43 PM
       too many mortgages? (by myob [GA]) Sep 20, 2009 3:58 AM
       too many mortgages? (by Smokowna [MD]) Sep 20, 2009 4:43 AM
       too many mortgages? (by mike [MO]) Sep 20, 2009 6:06 AM
       too many mortgages? (by JT Pgh [PA]) Sep 20, 2009 7:14 AM
       too many mortgages? (by JC [OH]) Sep 20, 2009 8:51 AM
       too many mortgages? (by JT Pgh [PA]) Sep 20, 2009 9:06 AM
       too many mortgages? (by SO4IC [PA]) Sep 21, 2009 4:07 PM
       too many mortgages? (by JL [PA]) Sep 21, 2009 5:00 PM

too many mortgages? (by Stuart [KY]) Posted on: Sep 19, 2009 7:00 PM

State Specific Question About: KENTUCKY (KY)

I have 14 morts. No one wants to give me another with a term of 30 years. Any ideas? I just want to refi with no cash out!

too many mortgages? (by Tommy [TX]) Posted on: Sep 19, 2009 7:07 PM

Count yourself lucky that you got over 6 mortgages.

too many mortgages? (by MrRational [MD]) Posted on: Sep 19, 2009 7:09 PM

are they cash flowing? then milk 'em!

get that big 'ol pile of cash together and then tuck it away.

too many mortgages? (by Virden [OH]) Posted on: Sep 19, 2009 7:33 PM

The only idea I have is pay them all off, think of the interest savings - you could take us all out to dinner, a month at a time.

too many mortgages? (by Lynx [GA]) Posted on: Sep 19, 2009 8:43 PM

Do you have a good credit union that might do another loan and not resell it?

too many mortgages? (by myob [GA]) Posted on: Sep 20, 2009 3:58 AM

every lender out there now wants to conform to freddie mac and fannie may guidelines. No more then 4 mort-- including your own resident.

Reason being-- even if they add the loans to their own portfoilo -- they the banks want to have the option of selling these loans to fannie and freddy-- in order to do that in the future they must conform now.

too many mortgages? (by Smokowna [MD]) Posted on: Sep 20, 2009 4:43 AM

Sell any that may have poor interest rates. The rest are valuable just in that you have them. I'm happy about every borrowed cent I have now.

Inflation is ahead of us...not next week or anything drastic, but long term you will be paying back those loans with inflated dollars. Only the bad interest rate loans are a burden, the others are cake.

too many mortgages? (by mike [MO]) Posted on: Sep 20, 2009 6:06 AM

commercial loan - get as many as you need

too many mortgages? (by JT Pgh [PA]) Posted on: Sep 20, 2009 7:14 AM

I'm with Mike (above) ,,, Go with commercial loans. Use local banks / credit unions... they have the money you need.

Unfortunately, they will NOT do anything longer than 20 year terms for me... which is a trade off for sure... but my other option would be to do nothing... or wait for a rich uncle to die and hope he leaves me money.... so I go with the commercial products.

I just closed a 20 year commercial mortgage at 5.7% and the load officer was trying to convinvce my wife and I tht we need to be buying more, and that he would like to loan us as much money as we need....

I prefer dealing with these people as opposed to the shady mortgage brokers of recent years ... weird...seems like those guys phones got shut off...

too many mortgages? (by JC [OH]) Posted on: Sep 20, 2009 8:51 AM

JT you must be in a unique situation or area-I have been in this for 12+ years and I have had no luck with any commercial lenders lately. All the regionals that were giving away commercial loans have virtually stopped loaning money around here. When they do the rate stinks and as stated you will be ammortized over 20 years with a balloon in 5...NO THANKS.

You can try the commercial loan route if you have a combined 30%+ in equity in all the properties. I think you will have to ride it out or sell....I am in the same boat.

too many mortgages? (by JT Pgh [PA]) Posted on: Sep 20, 2009 9:06 AM

I dont like hearing that,,,it freaks me out.

ALthough, I DO have a steady corp job so i may qualify differently,.... but my bank is loaning $$ based on the deal. As long as my deal works for them they will loan the $$.

and let me be clear .. I am working with a local bank offering commercial products for RE investors. I'm not doing HUGE deals or multi prop blanket loans...simple credit lines, re-fis and currently working on my first contstruction loan.

They do have some tight requirments for the construction loan...but on the other hand - I expect people to put me through the paces before they hand over $100k to me...If it were my money I would put YOU through the paces :)

I think a steady source of non RE income may be what is different here....

too many mortgages? (by SO4IC [PA]) Posted on: Sep 21, 2009 4:07 PM

JT, I'm in your area and also have a very good and steady income. Could you drop me a line? My email is JSO4IC@ZOOMINTERNET.NET. Thanks.

too many mortgages? (by JL [PA]) Posted on: Sep 21, 2009 5:00 PM

Have you tried a mortgage broker? I am in the process of buying a property and was having trouble as I also have over 10 mortgages. I asked my RE agent to ask around his office for anyone doing 30 year mortgages for someone in my position. She referred me to a broker(didn't think I would ever use one) and he checked around and although I don't know who the lender is he assures me that this is going to work and the rate is great. This is obviously going to be a portfolio loan. He says they are a common sense lender and that they never sell any of the loans they originate. It is sad that you can have a 15 year track record of never missing a payment, excellent income and great credit score and due to government involvement the banks would rather lend to someone who never borrowed a cent. We need more common sense lenders.

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