If you own multiple properties and foreclose on one can you refinance the others?

Answer 1

I'm trying to do this exactly. I have one distressed property because of government tenants that didn't move out after their program finished. The government doesn't care and has done nothing about it. I'm in the process of vacating them but that's not what I want to write about.

Currently because of the above I'm doing a short-sale with this property. I own another property and want to do a refi. The problem is with most creditors they only see a black and white scenario. There's nothing human about the equation.

I've tried so hard to get a refi on the second property. I've never been late and don't plan to. I have a 709 credit score and all my accounts are perfect and never had a late status. All I want is to reduce my monthly payment because I've paid much more than the monthly mortgage over the years. In actuality I'm in year 6 of this mortgage and according to the financials I'm in year 13. So I have equity in the 2nd property and feel now is a great time to do a refi and cut my monthly costs by $500.

So I ask Is this possible? Is it possible for a bank to be human and evaluate your situation on a human level instead of looking at it through a ultra narrow way of thinking?

Unfortunately not. Banks are not humans. I've not met one bank to look at your situation on a human level. I disclose to them before they run my credit about my situation and they just stop what they're doing and say "Sorry Sir, you won't be approved"

I've been into many banks and requested a refi from online brokers too with all the same result.

Just a tip, stay away from private lenders or hard money loans. The rate they'll charge you, you'll be better off staying with what you have. Also they usually arae for 1 - 3 years.

So for those people in the same boat as me that have a solution please let me know.

Mark

stanleyrealtyllc@gmail.com