We live in New York State.
House value when my parents bought it was 350k, it is now around 550k. We have 2 mortgages on it, one with 180k left to pay and another with 30k. Both parents have their names on everything involving the house, but they are non legally separated and living together.
My dad has been pushing to refinance the house. He claims that if we do, we would get 200k cash (Market value minus what they paid) that we can use to pay off the mortgage. This sounds fake. I just want to know if it is possible.
I suspect he is trying to secretly take another mortgage on the house so he can have some extra cash to put into his new business. Is that something that would be possible? He has also been pushing to pay off the 30k mortgage when he hasn't shown interest before. Maybe he needs to pay off the 30k before doing whatever he plans to do?
Submitted April 24, 2019 at 07:20AM by financetw4930 http://bit.ly/2XJUvrD
