Posted by Chris in FL on May 06, 2006 at 13:06:58:
I mentioned to you once previously that I have run into the same issue. I have 10 mortgages, and currently seem to have to pay off a mortgage in order to qualify for a new one (limit ten). Have tried at least a dozen lenders and/or mortgage brokers. Credit mid 600s… No defaults or late pays ever, but many new loans (active investor), and high revolving debt (HELOCs and cc at 5.99% for life of balance). Am getting close to $1mil in net worth. Have 5-6 properties free and clear, but mostly MHs on land that are hard to borrow against. Properties average $200/month posivie cashflow, with some way above and some negative (because of refi’s with the cash used to buy other property as a cash buyer). You say there are lenders that will go above the magic number (10 mortgages)? Traditional, or other? Where might I look to find some of them? Thanks so much for any help, as I am sure Dale and I are not the only ones facing this obstacle.
-Chris in FL