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cash out refi

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penleric Guest	Posted: Thu Mar 24, 2011 11:06 am    Post subject: cash out refi Like 0 Dislike 0 My husband and I are divorcing and I am trying to figure out if I can keep the house. Is the cash out option not available for us since the "cash" would be to pay him? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Mar 24, 2011 8:43 pm    Post subject: Like 0 Dislike 0 Hi penleric, If you want to keep the house, you will have to buy out your husband. You need to offer him a certain sum of money and ask him to transfer the property to you. Once the property is transferred in your name, you need to refinance your mortgage in your name. _________________ Procrastination is the enemy of your financial success
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Mar 25, 2011 9:06 am    Post subject: Buy Out Like 0 Dislike 0 The transfer of title can occur at closing. Your ex should not be transferring title to you before the buy out. If he does that, you own the property and he lost the property without you paying him anything. Transfer of title takes place at closing at same time you pay him the buy out amount. "Cash out" for the purposes of a buy out per a legal divorce decree is actually treated as a rate and trem refinance aslong as any money taken out goes to the ex. If you take out more and keep some yourself, it is treated as a cash out refinance. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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