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I have started the process of refinancing/buying out a co-owner and am trying to understand if/how I might get $$ out of the process by way of the proceeds check in order to pay off my roommate. I met with a morgage guy and he wasn't sure about the rules but did think that a proceeds check could be possible if the property appraises at a high enough value. He currently has me applying for a straight refinance (approx 91% LTV) but if getting $$ out is possible does anyone know the rules concerning that when the title changes? I'd much rather try to qualify at a higher loan amount, get a proceeds check, and pay off my co-owner now as opposed to owing him as we move forward...
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