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Buy-out/Refinance Question COntinued...

Hi all -

 

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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January 12 2012 - Charlestown
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When taking out cash you can go up to 85% LTV
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January 12 2012
If youre buying out a person on title, it may not be considered 'cash out' if it is paid directly to him on the HUD.  Ask your lender how they specifically handle it.  When I worked for a lender, cash out was cash in hand, not cash paid to a debtor. If the co-owner was not living there ever, the bank may go for it.

 
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January 14 2012
 
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Buy-out/Refinance Question COntinued...
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January 14 2012 | 2 answers
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