Then to figure out if you can qualify to buy a condo for yourself to live in, what is your income? What are your monthly payments? How much of a sales price are you considering? How much are you looking to put down? Is your credit OK/do you know your scores?
"Buying out" someone in a divorce is an acceptable reason for wanting to do a cash out refinance, and in your situation the proceeds of the cash out refinance should be fine to use as a down payment on a new home. They key is to be able to determine how much equity you have in order to take the cash out, which means a pretty accurate read on your home's appraised value should be one of the many preliminary steps that you and the loan officer should take.
If you'd like, I'd be happy to help you figure out your situation & what options you'd have.
Why do you need to refinance your home?
High interest rate?
On an ARM about to adjust?
Need to cash cash out?
If you have any questions about this or if your inquiry is still open and you require help, feel free to get in touch. I'm in CA and happy to be of service.
I have represented both spouses in a divorce situation many times and ensuring fairness and equality in the settlement process makes for a much smoother and transparent transaction.
Feel free to give me a call or email if you'd like to compare interest rates with other lenders. Good luck and have a great day!
First Capital Mortgage
Direct: (310) 434-1718
Fax: (310) 451-6407