Refinance Sub-to Property?
My in-laws were in foreclosure. I gave them the money to reinstate their loan in exchange for the deed. This was a year ago. They still live in the property per our agreement. Can I apply for refinance with a cash out under my name even though the loan is still under theirs? Thank you.
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Yes, as long as you have the deed, you can refinance the property. The refinance will pay off the underlying mortgage and then pay you whatever is left over.
Being that it would be an investment property rather than my personal residence, would the terms or requirements be any different?
Is it far enough away to be a 2nd house?
Otherwise you need to meet non-owner occupied underwriting.