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Satisfying lien when refinancing

Profile picture for Jack143
I would like to refinance my mortgage. The balance on loan is $119,000. I purchased my former husband's share of equity in 2003 and owe him a flat $55,000 (he took out an interest-free mortgage on this) which I realize must be satisfied upon the refinance. Must I have a cash out of $55,000 to cover this lien - even if I have $10,000 to put toward this second mortgage? Or, what is your suggestion for my best refinance option? The house would be appraised at approx $130,000 right now. Thank you for your advice.
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February 11 - New York
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Profile picture for TucsonSpirit
Talk with a local lender and or local Title office.
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February 11
 

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