Opt Out Scenarios

Opt Out Scenarios

  • Rental co-bo unilaterally or bi-laterally.

    • 1. both homeowners agree.

  • One co-bo wishes to buy out the other.

    • 1. Homeowner A šŸ™‚agrees. Homeowner B šŸ˜¢notification sent to the other co-owner.

    • 2. Bank is notified. Options from lender are presented to Homeowner B šŸ˜¢.

    • 3. Homeowner B šŸ˜¢accepts new loan terms. Account is still active or can be turned off pending if they want another co-borrower later down the road. All costs associated with buying to be shared or agreed upon. Note: If you and your co-borrower do not put 30% then you will not be able to do a cash out refinance plus new co-borrower paying you the new down payment plus appreciation until LTV reaches 70%.

Kalli DeLeonopt out