CW wont refinance if own more than 4 props

[drowning]

OK --- Here’s my problem.
We bought 3 duplexes in Lake Havasu AZ in 2003. Unfortunately, we have learned the hard way that it is almost impossible to keep a tenant longer than 6 months. We currently have 4 vacancies. We have a first and second on each property for a total of approximately $170,000. each. We tried to sell the properties over the last few years with no takers. There are tons of properties for sale. The town is a resort town which has had a mass exodus since construction has virtually stopped. We have about $10,000 of equity in each property. If we could sell them, real estate commissions would leave us negative. I would be happy to take this at this point.>>
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?

[Cat Damiano]

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?