Mortgage Refinance Question
Hello,
I was wondering if someone could tell me the best way to approach this situation. Here it is:
I have a investor who owns investment property, but has credit issues and approaching foreclosure. The property should appraise at $250,000-$260,000 and needs to be refinanced at $200,000 leaving approx. $60,000
in equity. The problem is that the property is in the owners name, so I can't refinance it. I was told that I could purchase the property, but wouldn't be able to refinance a lower rate for about 6 months. I was also told that if I did a immediate refinance I would have to pay a high rate (up to 13%) due to something called non-seasoned (at least that's what I think they said). My question is what are my options so this can work out for me and the seller? The perfect scenario would be for me to purchase the property and then quickly refinance at a lower rate.
Thanks in advance,
tdsilk