Thanks for your time at looking over my situation.
Board Members, I look forward to a solution to my situation.
Your best bet may be finding a lending institution that keeps some of the loans in their own portfolio. I was in that kind of situation a few years back. No lender was willing to lend to me - except one - Citadel Federal Credit Union. It helped that I was already a member there and was direct-depositing my paycheck, but where everyone else kindly told me not to even bother doing a formal application based on my numbers at the time, Citadel looked long and hard at my numbers and took a chance. I was in a situation where my original mortgage from another lender had been designed for a two-income family, my spouse at the time had left & remarried, and suddenly I was a single-income person with not great scores and a boatload of credit card debt. But, my income would support a lower-rate mortgage, even with the credit card debt thrown in. They gave me the loan when no one else did, which enabled me to keep my house.
I do not think "speaking" with anyone, or trying to explain why you're in the position you are in will make a difference to any underwriter........the banks make business decisions based on what they see on paper, not emotions.
I do wish you luck, and perhaps someone will come along who is better versed in creative financing than I am!
Thanks for taking the time to respond here. Problem, the 2 local Institution I've turned to have denied me.
1) My Primary Bank - Currently carries 4 mortgages for me (Primary + 3 Rentals)
2) Credit Union - Recently obtained a small Personal Loan. .
1) 4 Mortgages - 1-Primary and 3-Rentals
2) 3 Credit Cards - Maxed Out
3) 1 Personal Loan from Credit Union
4) Credit Score = 660
5) 3-Rentals (in addition to the ones stated in #1) but these are Free & Clear
6) Credit Score Problem - I dipped below 700 because:
***I made a horrible investment within the last 2-years which set me back up until recently. This led to maxing out my credit cards and obtaining the Personal Loan from the Credit Union.
***A $50 parking ticket hit my credit because of an irresponsible "friend".
I have the income to support a payment on the $50K HELOC (70% LTV on a F&C from #4) I am trying to obtain.
*Note - A portion of this loan is going towards consolidating all 4 Credit Cards stated in #2.
This situation is HIGHLY frustrating because the loan is going towards to clean up and organize my financial profile which is the very thing causing me so much trouble to obtain one.
I need an opportunity to explain this situation in person to an underwriter/powers to be (with the last 2yrs of tax returns on hand of course) .
Who can I go to that will approve this but not bleed me out with fees/interest rates?
and yes, you do need to speak.......with a local mortgage rep.
Find one (try your bank or ask a local agent for a recommendation)...........once they analyze your specific financial position - they can tell you if obtaining a loan is possible.