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Replies (2)
- Mark Wilkins, "TheMortgageMark"
- Contributions:349
When taking out cash you can go up to 85% LTV
- Claudia DeBruyn, "FLwaterfrontRE"
- Contributions:112
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.
Buy-out/Refinance Question COntinued...
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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