dg
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?
#1394799 - 05/21/1007:12 PMRe: Home purchase or Refi dg
raitchjay
Power Poster
Joined: Oct 2009
Posts: 9,105
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.