Based on current interest climate and the amount you owe I think refinancing won't help a ton...UNLESS you can find a mortgage with low closing costs.Depending on your amortization period you could end up resetting that and earning much less principal pay down per month by refinancing into a 30 year.Assuming a 30 year fixed is roughly 1.5-2.5 higher then what you're paying now it'd probably(LOOSE ESTIMATE) take 7-10 years for interest rates to rise high enough make the difference in closing cost + lost principal pay down...again the changing of interest rates will impact this greatly.

Can you get a longer amortization period than 10 years?

As I matured, I appreciated being able to settle in for a longer period of time and wanted to put my own touch on the place where I lived.

Reinstatement is eligible through the 20 day period from notice.  

Andrea,If this a conventional loan no gift is allowed under any circumstances period. 

so because of that i was not going to put earnest money in when the contingency period was already up(crazy right!!)

Agreed Sharad  however if there is this well trained well educated group of BP buy and hold investors that hold stead fast to the 2% rule  and 700 rent will sell for 35k period.. they are not going to pay anymore than that for it and go against what they are taught.NOw I know this is not reality.. but its something top consider

@Sam Albert The problem is per the rule it is not 30 days but 30 days from the next pay period from when you give a day.

If she is on a month to month, you have every right to raise your rents periodically.

They can handle the process of making the loan-this would be required of your friend lending the money if he issues 5 or more mortgages in a rolling 12 month period.