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#1571464 - 06/29/11 03:59 PM Still a Bridge Loan?
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,107
In the mountains
Two years ago a customer made a bridge loan (12 month term) for the purpose of purchasing a new dwelling while selling the other. The year after the home had not sold, so the loan was extended another 12 months. Can we extend it again for another 12 months? The home is still on the market but hasn't sold since the market is slow.

Or if refinanced, can it be done again as a bridge or temporary loan?
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Lending Compliance
#1571673 - 06/29/11 06:46 PM Re: Still a Bridge Loan? Likes to Comply
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Yes, you can continue to extend this loan. If it is still intended to repay this loan from the sale of the home, then it is still a bridge loan.

If you refinance this loan, it's still a bridge (temporary) loan. However, you would need to give new TIL disclosures. HMDA and RESPA would not apply.
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David Dickinson
http://www.bankerscompliance.com

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