Sale of her old home will pay off part of the loan, then
the balance will be refinanced with the same bank. To me this is not temporary since the balance of the loan will be refinanced with the same bank. Am I right? Also when refinaced the CD's will not be collateral, only the home which will be her homestead.
The current note is in 2 names, but the deed of trust, warranty deed, promissory note, (is in person name who will live in the house) all dated the same as the
reg z consumer note which show the cds as collateral and
house as other security. The refinance note would only be in her name. Does that make any difference when looking at
at the current loan & respa.
These type of situations I will not miss when I retire.