Through a Land Instalment contract, took over payments of a house in MD in 2019. Currently, $260,000 are still owed on the mortgage. Did a remodel on it and have been renting it out for the past two years. $2,700 rental on a $1,700 mortgage.
House has gone up in value about $110,000 and is now worth around $450,000 Wanted to do a refinance to cash out to invest in other properties, but lenders are telling me I can't refinance because title is not in my name.
Basically they are saying I have two options.
1- Do a first loan where I purchase the house and then a second loan to refinance.
2- Pay the house off and then refinance.