All Forum Posts by: 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). 

Hey All - Investor here with 10 properties. I have all 9 of my loans in forbearance. I was just contacted by my lender today (Guild Mortgage) to tell me that I have another 6 months to extend my forbearance. After it ends, I will do a loan modification putting all of my loans into a 40-year fixed lowering the payments and putting the outstanding loan balances at the backs of each of my loans. Others will have the same thing happen. About to make a separate post about that asking how I can get financing on more properties while still in forbearance. 

One year later, this post was super helpful. Thanks Nathan!