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#1581892 - 07/22/11 05:04 PM Temporary Financing or Not
Valley Girl Offline
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Joined: Feb 2008
Posts: 142
Bank makes a 6-month loan for home improvements on the consumer's principal dwelling. The loan is secured by the customer's duplex which the customer is going to sell and the proceeds from the sale of the duplex should pay off the improvement loan.

Is this loan reportable?

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#1581901 - 07/22/11 05:02 PM Re: Temporary Financing or Not Valley Girl
raitchjay Online
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Joined: Oct 2009
Posts: 8,670
OK
Yes. There is no long term financing anticipated, so this is simply a short term loan.
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#1581919 - 07/22/11 05:14 PM Re: Temporary Financing or Not raitchjay
hmdagal Offline
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Joined: Dec 2002
Posts: 3,816
You'll report the property being improved on the LAR.

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#1581951 - 07/22/11 05:55 PM Re: Temporary Financing or Not hmdagal
Valley Girl Offline
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Joined: Feb 2008
Posts: 142
Thanks so much!

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