Financing Frustration (Owning more Than 12 Properties)

[Ken Chatman]

I am becoming so frustrated with refinancing at the lowest rates. I have been trying for the last two weeks to find a refinance option for my primary residence. I am being told by several online companies and banks that since I own more than 12 properties (7 do not have mortgages). I cant understand the logic, if this is indeed true. During the housing crisis, I attempted to refinance my rental properties only to be told that I had more than 4 mortgaged properties. Equity seems to be useless if I can never gain access to it for one reason or another. I have 30 years with the same employer as well as excellent credit scores.. What am I doing wrong??? This is the refinance loan scenario I am attempting. I have a 225k 1st mortgage on my primary residence. I also have a HELOC for 62k on this same residence. The HELOC was obtained shortly after purchasing the home, I Put down 80k and had the intuition to pull it out a few months prior to the housing crisis. Maybe God was looking out for me on this one. The current value of the property is 290k. I wanted to refinance one of my rental properties to pay off the HELOC. Two of the banks told me they no longer refinance rental properties if they dont have a current mortgage. I then offered to pay off the HELOC by withdrawing funds from my 401K. This would put the loan at 225k on a 295k LTV. Loan Depot told me even if I paid off the HELOC, they would still be unable to assist me. They stated that I own more than 12 properties. Please help as I cant take too many more declines. I'm willing to accept that I may have done something wrong, but I cant identify it. I was always told to pay my bills on time and not to overextend my finances but I still feel helpless. Thank you