Skip to content
GeoDataVision
Thread Options
#1394325 - 05/20/10 08:42 PM Home purchase or Refi
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
We have a loan that was made to Bill secured by a Mobile Home. Bill past away now the loan is re-written to son Bobby. Original loan is paid off and a new loan is created still secured by the MH. Would this be a Refi or a purchase?
Second loan was to Smith Trust secured by a residence. The trustee past away. Now the loan is paid off and is re-written to son Mike and nephew Joey. Would this be e Refi or Purchase?

Return to Top
HMDA

   
HMDA Academy
#1394340 - 05/20/10 09:18 PM Re: Home purchase or Refi dg
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
Refi is to the same borrower.
_________________________
Take responsibility for your life.

Return to Top
#1394349 - 05/20/10 09:30 PM Re: Home purchase or Refi Mrs. Rizzo
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,818
I wouldn't report either of these.

Return to Top
#1394355 - 05/20/10 09:44 PM Re: Home purchase or Refi hmdagal
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
Not as a purchase either? Why not?

Return to Top
#1394369 - 05/20/10 10:34 PM Re: Home purchase or Refi dg
hmdagal Offline
Power Poster
hmdagal
Joined: Dec 2002
Posts: 3,818
Were the new borrowers buying the property from the estate? I had assumed that they were beneficiaries and had inherited it.

Return to Top
#1394796 - 05/21/10 07:08 PM Re: Home purchase or Refi hmdagal
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
They are beneficiaries, so what does that mean?

Return to Top
#1394799 - 05/21/10 07:12 PM Re: Home purchase or Refi dg
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,763
OK
I think hmdagal means that if they are beneficiaries, then they already "own" it by means of inheriting it, so it wouldn't be a purchase transaction. JMO though.
_________________________
I'm fixin' to fix that.

Return to Top
#1394813 - 05/21/10 07:22 PM Re: Home purchase or Refi raitchjay
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
What if one was loaned to the estate and one was not. They were both beneficiaries so neither would be reported as a purchase?

Return to Top

Moderator:  SMQ, CRCM