Trying to decide to refinance my house or wait next year..

[Nate S.]

I inherited my house from my mom a year ago. I owe $43k on it as for right now. Tax assessed value is $90k but market value $125k(premium shape). I thought this year was last year for HAMP incentive to end, found out today it wasn't. Basically I'll be credited $5k next year and now finding out it's going happen next year in 2019. I am paying my mortgage every month on time but it's in my moms name with 2% interest. I have the title in my name of course. Starting this year it will increase to 3% around in the fall. I heard other scary things the bank can default any time because it's in my mom's name but why would they when the mortgage payment is being paid on time? even after a whole year of her passing.

The house exterior isn't in the best shape at all, 40 years of environment is now showings its taking a toll. I need around $20k in fixing, new siding, drive way, roof, gutters and list goes on. I need to refinance to get those things fixed and prep to move out and rent it. Now I am questioning if the waiting it out till exhaust the HAMP is worth it? it is $5k. Just 10 months of payments credit to my mortgage. Now the FED is going to rising interest rates soon. Now deciding if refinancing now is worth it or hold off till next year? My main goal for next year was to move out and buy a 4 unit using my VA home loan. The estate still ain't closed after a year, other issues. Any help, would be a big thanks.