Inherited Property; want to cash out refinance
We inherited my Mother in Law's house after she passed away. I want to add it to our rental portfolio. The balance on the mortgage is a little less than $40K and the value is around $175K. I want to refinance the property and pull out some cash ($60K) to use for future purchases. The mortgage broker we spoke to said that we couldn't refinance the house until we own it for 6 months (I assume for the seasoning requirements). I could understand the seasoning if we bought the property, but we inherited the property and the note that comes with it. I'm afraid the bank who holds the note (BOFA) could find out and call the note due. Does anyone have any advice to proceed with a cash out refinance? Thanks.