You stated that the properties have been in your family for generations. If you own these properties free & clear, then you should be able to finance up to 10 properties. The key word here is "financed" - so if you own more than 10 properties, but only 5 are financed, you have room for 5 more financed properties.
Please feel free to contact me directly if you have any further questions, I'd be glad to help.
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline refinance loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, VA Refinance loans (NO appraisal required on IRRRL loans), USDA loans, Jumbo loans, Conventional loans, plus, we allow Escrow Hold-Backs!
There is probably nothing out there (rules, regulations, law, etc.) which covers this, as it is such a subjective situation. Did you tell them upfront you had this many properties? Were they listed on the loan application? Etc., Etc.
In my opinion, it becomes a question for the company and you of legal obligation vs. moral obligation. The legal path is probably not worth your time, money or frustration. On the moral side,if the loan officer knew you had this many properties and failed to realize he/she would not be able to help you out of their own ignorance, then I would point out to them it would probably be in their best interest to take care of you as a moral obligation.
If they are a licensed Mortgage Loan Originator with an NMLS # after their name (see my signature below) and you do not feel they are taking proper action, you can complain to your/their state regulatory agency about the treatment you are receiving. On the other hand, if they work for a bank or credit union, where their employess are exempt from being licensed, you have little sway over them. Another good reason for people to look for a licensed loan officer these days.
If you invest as much as it seems, you may have just learned a very valuable $525 lesson...
I do not have all my lender information with me right now, but I will look to see which ones offer financing in such situations and get back to yousoon.
Would you reach out direct to me so we can discuss your situation a little more off the public view and potentially find a lender for you.
We have a couple of options that I could look into for you and or provide you with contact information if you prefer that.
I'm not aware of anything in statutes that would require the refund of the appraisal.
How are your rentals doing?