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Updated over 3 years ago on . Most recent reply

User Stats

16
Posts
2
Votes
Ash Kumar
  • Rental Property Investor
  • Charlotte, NC
2
Votes |
16
Posts

primary home is in forbearance as i moved out ,divorcing SC 29715

Ash Kumar
  • Rental Property Investor
  • Charlotte, NC
Posted

The primary home is on me and soon to be ex wife. I plan to move on buy a new home and my current frannie freddie lenders wouldn't lend while a home on my name is in forbearance. I have few rentals that are cash-flowing positive. Non delinquent on 1 more loan.

Do you know any creative solutions or any lender options who would give a loan for properties 300k-500k fortmill, SC 29715. 

This could be a rental for commercial lenders too. I have a small business that is in good condition too 

Most Popular Reply

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2,893
Posts
2,330
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
2,330
Votes |
2,893
Posts
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied

Let's get your primary out of forbearance and into a long term plan first. Having that ghosting on your credit is a train wreck ahead. How is she going to make the payment alone and likely this story ends up in foreclosure? This stops your credit for the following four years. Can you convince her to sell and get the divorce arbitrated rather than throwing money into the flames with an attorney?  

Your option is to buy with hard money, you need a large down payment, prepay, high rate that will make the NC property not look so good on paper.  Be careful. When you got the forbearance plan you signed under penalty that your financial situation was dire broke. How will you explain the sudden windfall of cash to buy another house? 

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