Is It Possible To Have A Dozen Mortgages?
I have a question for anybody who is able to answer this correctly. I put it in the mortgage forum because it's about mortgages.
Is there a way to have mortgages in your name that won't hinder you from getting another mortgage?!? I have a couple mortgage in my name, but if I get a couple more - it's going to get harder and harder to get more mortgages and eventually nobody will give me a loan no matter what my credit.
I have heard people putting your properties in "trusts" and this will hide the person who owns the property... Is this only for liability purposes? Can I put my properties in a trust and then when I go for another mortgage, my mortgage company will not see that mortgage in my name? Is this correct?
Thanks in advance!
[addsig]
The mortgage is still going to be in your name, even if you transfer to a trust or LLC.
Also, financing is still available. Just not through your conventional sources. You can get a blanket mortgage that will cover all your properties. Generally, once you own a few properties and have some equity in them, you can get a line of credit from the bank for additional purchases.[ Edited by rmdane2000 on Date 12/15/2004 ]
As long as the mortgage is in your name it will reflect upon your credit records and this I assume is the area of concern for you.
Using a company's credit will help with this.
Using private lender funds will help with this as well.
[addsig]
I have ten mortgage in my name, but three are private mortgages. I have not given it a thought about being turned down. Have great credit and my credit score has gone up since having the mortgages.
Who the hell would want to?? Because I have verifiable income and good credit, I do full doc to get the best rate. Last time I applied for a morgage (4 months ago) I had to fax probably 150 pages to the lender. My full income tax return for 2 years, 2 paystubs, 2 recent statements for each financial account (I have 8), my lease for each property (my lease is 9 pages), insurace page for each property, escrow page or property tax page for each property, and a lender statement for each property.
Next time I would rather use hard money and then refinance. I hope that refinance with a good LTV would be easier.
Brenda