I think that depends on whether the loan was refinanced, renewed, or extended. They are not the same thing. If it was refinanced (new obligation satisfies and replaces existing obligation), then yes, I think it is a covered transaction. If renewed (typically done with an additional note form that does not replace the initial obligation) or extended (typically done with a modification or extention agreement), then I think the loan is still a purchase money loan and would not be a covered transaction. At least that's how I would look at it, but I don't know that there is anything that specifically states that is true.
Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions