Refinancing an Home acquired through Assumption Agreement
Hello Everyone,
I recently acquired a property using an Assumption agreement (without lender consent). Here's my scenario:
I bring $18k cash to the table. This money went towards reinstatement fees from a foreclosure on the former owner. My agent values the home at 100-110K and the current mortgage balance is $47K + 18K (foreclosure fees), so its got roughly 35-45K of equity. In return, I've agreed to let the former owner continue to stay in the house at a reduced market rate rent for 3 years.
My goal is to refinance this place to pull my initial $18K back out through a refinance. Can anyone give advice on how to do this? Are non-recourse loans in play here?
Thanks in advance.