Forbearance Exit Strategies?

[Josh Edelson]

Hi All!

I have all 9 of my loans in forbearance I'm in 10 months so far, but can now extend up to 18 months total. I've been saving all my rental income so I could use it to buy more properties (like a free cash out refi., since it goes on the back of the loan at the end). but I can't qualify for a new loan until 3 months after I'm out of forbearance. 

Looking for advice on what to do from here.  

OPTIONS:

1. Pay cash (prob can't buy anything over $100k, which limits me significantly)

2. Wait until after I'm completely out of forbearance to buy, potentially missing out on some great deals, but saving even more cash. 

3. Find someone else to go on the loan (not ideal unless it's my wife, who isn't on any of the loans. we're on the same tax return, so not sure that will work or not). 

NOTE: on exiting, I'm told I will be able to convert my loans from a 30 to a 40, lowering the payments and adding all the arrears onto the back of the loan interest free (including the taxes and insurance since I have impounds).