I'd like to know what modifications can be made and the criteria? We have a 4 unit property plus reg mortgage in forbearance and we still are prohibited from evicting no pays. Unfortunately we lost all the principal we had paid into our mortgages, and now the "principal amount" is now more than $100K than what is was before COVID (so now they would be jumbo loans but were not before)!
So now if they were to refinance it, the loan is even larger than it was before!
Our credit score is excellent fortunately but not sure if this even helps up.
I'm worried about the unpredictably of all of this and more people could end up not paying and us having no recourse!
I would love it if they could get us the current market refinance rate and longer terms, and put the loan principal back to where it was just before COVID so we don't have to finance even larger loans!
1) Does anyone know what options are available mortgage companies offer for Sallie Mae backed loans?
2) How is this determined or qualified for?
3) How does income and credit score affect what they can offer, or willing to?
- It's now almost perfect 850 and has taken me years to accomplish this, but this might mess that up totally. I hope in this case a great score doesn't hurt us as far as any assistance the bank could make to the modification or refinance.
4) Is it better to have a higher salary for more leverage to work with or does it end up hurting you (like they would be less willing to help you even though in reality the higher wages the less risk to them?)?
- I ask this because my husband's last paycheck was unusually large because he moved jobs and he was paid out all his unused vacation time after many years of service. He is working a new position in same line of work at a little higher wage as a fire chief.
- Even though it is risky to get out of forbearance due to tenant risk, it would be nice to know if we could afford to take that risk, and how to get hopefully a best case scenario. BUT IM ALSO VERY CONCERNED WE MAY NOT BE ABLE TO REFI OR MODIFY THE LOAN BECAUSE NOW THEY HAVE GOT SO HUGE, ate away at the principal we paid off for first year of the loans, and then added on another $100K + to the ORIGINAL loan amount putting them in JUMBO territory.
What options do we have?
