Let me try to understand:
1. You want to keep the current first lien intact.
2. Then, you want someone to replace the current second lien with a larger loan to be able to pull $60k out.
If those statements are correct, you might have to put in a new second lien around $108k which will cover the existing lien, expenses, and give you the cash.
So, at the end of this operation, you will have $419k borrowed against the property. Using $530k for the value, that is a total LTV of 79%. Using $545k for the value gives about 77% LTV.
In my experience, most investors won't do second liens and LTVs that high.
Thanks,
Neil Aggarwal
NSA Partners, Ltd.