Buying a Forebearance Property?

[Josh Edelman]

A client of mine wants to sell his property. He recently lost his job and went into forbearance in April - so he hasn’t paid his mortgage since April. 

He recently refinanced his home for $550k and has a balance of $546k. It could sell for $560k right now. Could rent for $2200/mo. I believe he was paying $3200/mo for his mortgage. Rate is 5.5%. 

Any creative recommendations on how I could turn this into a smart investment? He just wants to get out of the property. Thanks! 

[Chris Seveney]

@Josh Edelman

If he is on forbearance I bet the amount owed is higher because it has deferred payments / interest

Nothing to do here, move on