Land Instalment Contract

[Grayson Wright]

Through a Land Instalment contract, took over payments of a house in MD in 2019.                                                             Currently, $260,000  are still owed on the mortgage.                                                                                                           Did a remodel on it and have been renting it out for the past two years. $2,700 rental on a $1,700 mortgage.                  

House has gone up in value about $110,000 and is now worth around $450,000 Wanted to do a refinance to cash out to invest in other properties, but lenders are telling me I can't refinance because title is not in my name. 

Basically they are saying I have two options. 

1- Do a first loan where I purchase the house and then a second loan to refinance. 

2- Pay the house off and then refinance.          

Any suggestions?