Refinance private (family) mortgage with DIL history?
We had a deed-in-lieu of foreclosure about 26 mos. ago. Now we have bought a property with a loan from a family member. We put about 30% of the sale price back into it in improvements immediately. So with a new assessment, we expect we will have at least 20% equity. The question is whether we can now refinance into a traditional mortgage and pay off the family member? Or will we still have to wait the required 36 mos. or longer after the DIL?