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#945659 - 04/18/08 03:58 PM Rescission??
dblack Offline
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Joined: Feb 2008
Posts: 263
AL
I say yes, lender says no.. Some more insight would be nice!!

Customer purchased property 2 yrs ago with buisness partner to be used as rental property.
Buisness partner dies.
Customer moves into property as his primary 1yr ago.
Now we are a new FI refinancing the note to pay off the first note in which the buisness partner was a part of.

I say yes since he has been living there for some time now and had ownership intrest from the 1st loan.

Lender says no since we are refinancing a commercial note.

Thanks for the help..
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#945805 - 04/18/08 05:42 PM Re: Rescission?? dblack
RR Joker Offline
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RR Joker
Joined: Nov 2002
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The Swamp
Does business still exist and does it receive rental payments?

Oh...and is loan in a business entity name, or the personal names?
Last edited by RR joker; 04/18/08 05:42 PM.
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#945807 - 04/18/08 05:47 PM Re: Rescission?? RR Joker
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
Based on the infomation given this would no longer be rental property, therefore I see no wiggle room to consider this a busines purpose loan since the home is now the borrower's primary residence. This is a business purpose debt later being refinanced for a consumer purpose.
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#945808 - 04/18/08 05:49 PM Re: Rescission?? RR Joker
CRC Offline
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Joined: Apr 2008
Posts: 73
Wiscsonsin
Who currently owns the property: 2 individuals (one deceased), a partnership, LLC, corporattion?
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#945852 - 04/18/08 06:41 PM Re: Rescission?? CRC
dblack Offline
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Joined: Feb 2008
Posts: 263
AL
2 individuals (one deceased),
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#945854 - 04/18/08 06:44 PM Re: Rescission?? dblack
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Then I agree with what Dan wrote. Business debt turned personal purpose.
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