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This is a discussion on CW wont refinance if own more than 4 props within the Countrywide Home Loans - Tell Us Your Countrywide Story forums, part of the Stop Foreclosure and Tell Us Your Story category; OK --- Here’s my problem. We bought 3 duplexes in Lake Havasu AZ in 2003. Unfortunately, we have learned the ...
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| CW wont refinance if own more than 4 props OK --- Here’s my problem. We bought 3 duplexes in We are currently running an average of $1,200 a month negative on each property. We had sold a building in 2005 and carried the note and we used the income from that to offset the negatives from the duplexes. Unfortunately, since August, we have been told they will no longer be making the payments on that note and we are now foreclosing on them. HOW IRONIC!!! I don’t know how much longer we can hold on. We are current and have been making the payments from our home credit line. I called Countrywide today to see if they could refinance into longer term loans or better rates. I was informed that since we owned more that 4 properties, they could do nothing for us--- some new industry regulation. Has anybody been able to refinance investment property while owning more than 4 properties? We are drowning each month and I don’t know how much longer we can hold on? |
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| Re: CW wont refinance if own more than 4 props HI drowning, Welcome to the forum and thank you for joining............... Have you asked them if the investor on your loan is doing modifications or are you just asking for refis? We have seen modifications on investment properties, but it would depend on the interest rates, types of loans, and the investors on each. What are the interest rates on each? Are they fixed or adjustable? If adjustable when are they adjusting?
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