Refinancing primary residence and 2 rental homes

There are a lot of factors missing to properly answer your question... Since you missed payments, that will affect your credit, and lower your score.. Most lenders have minimum score requirements, and as a landlord/investor, the bar is raised even higher... if your credit shows any mortgage payment 120 days late or more, then per the guidelines, they will treat that just as they do a foreclosure. You would not be able to refinance until 2 to 3 years past the last late payment.. Also, you have equity, but the lenders don't lend based on how much $ in equity you have, it's based on a % of equity, called Loan to Value... so $40K equity on a home worth $80K is good... that's 50% equity, but $40K equity on a $400K home is not that great at 90% LTV, and would limit the number of lenders to choose from. Because no one here can see your complete profile, it's very hard to say you have a chance or not, so the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Your late payments will be a factor in qualifying for a mortgage, and how much that affected your credit. One big question most lenders will need to know is what income you report on your taxes. You are considered self employed and what you show for income on your IRS returns after expenses for the past 2 years is your qualifying income for a mortgage. There are other specific requirements for counting the income from the Mortgage you hold, again, it will partly depend on what is reported on your taxes and how well you can document the income.

Sounds like it should be doable seek out a local NC lender from our panel and work with them...

I spoke with a woman yesterday who had a similiar problem on her primary residence, unfortunatly there was nothing I could do for her due to her not paying her mortgage for an entire year while undergoing a failed modification attempt, but paid the past due balance and made herself current this past month. I was unable to help her due to the fact that her bank begain foreclosure procedings.Based on what you have stated here it seems to me that foreclosure procedings were never an issue for you? Based on the fact that you are current on your mortgage now, I believe that you will have no issue refinancing these residences into a more pleasing interest rate as rates are at an all time low right now. Based on what you have stated your homes in question have more than enough equity in them that the risk of refinancing is not all that high, I have some agressive lenders that I work with that are willing to work with home owners/investment property owners that were late due to failed loan modifications/medical issues the only thing that is generally required is a simple letter of explanation backing up the misshap. Feel free to contact me if you have any farther questions my company has been in business since 1986, has an A+ rating with the BBB, employs licensed loan officers, and has a knack for getting loans approved that other companies cannot.Phone: 1-800-949-0101 ext. 2339e-mail: mwells@equitymortgagelending.com

You MAY be eligible for refinancing all or some of your properties. The fact that you missed some payments will have an impact on both your scores and your eligibility. That said, contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They have access to loan products of many lenders, not just those of one bank, and can properly guide you to the lender or program(s) that make the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

I would contact a local lender (broker) and run your senerio by them. Based on the information you provided above it seems that most of your income is from rental property. You mentioned that you pay taxes on the income; however, you never mentioned how much of your income you write off.When you contact your local broker, you should have the following information handy for them: Your tax returns for the past 2 yearsHow many months you were late on your mortgage loan with Wells Fargo and the date of the last reported lateGood Luck!