Trying to Refi-Home after my own Short Sale

[Bill Wallace]

I purchased a rental investment property with two friends (partners) prior to the market crashing. Down the road, one of the partners separated from his wife and asks to move into the investment property (bad move); said he would take over the mortgage as his rent; we allowed him too; to help him out. He then failed to make payments for 9 months. We ended up Short Selling the property; we were in deep. This happened 3 years ago this April.

Since this, I have been unable to refinance my own home, where I have plenty of equity; and am at a 6.1% rate. I was told I had to wait two years; but then in August of 2014, the banks or Fed changed the rules to 4 years. Does anyone know a way around this? I hate to spend one more year at a 6.1% rate when that money could be better used elsewhere. Painful lesson!