Is it possible to do a cash out refinance on tenancy in common?

Is it possible to do a cash out refinance on tenancy in common?

Member since 2019 · 25 posts · 9 votes

I currently own 12% interest in a duplex and 2% in interest in a single family house, all as tenant in common. Both the house and duplex I co own with my parents and are 100% paid off. They both are owned in different entities (living trusts, charitable foundations, S corp defined benefit plans, and self directed IRA).

I wanted to know if it's possible to do a cash out refinance strictly on my interest? The LTV would be very small ( <10% for the duplex and <1% for the house). Essentially I want to get my money back and do something else with it.

Thanks you for your help!

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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    7y

    A lender doesn't foreclose on 12% of a property, it forecloses on a property.... all of it.

    But, sure, you can do a 1st position cash out refi where it's only your credit/income/dti/etc that's evaluated. 

  • Member since 2019 · 25 posts · 9 votes
    7y

    Thanks Chris! 

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