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#2004768 - 03/27/15 07:47 PM HELOC Modification under Bankruptcy Plan
Alley Oops Offline
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Joined: Dec 2010
Posts: 2
We have a HELOC that an attorney amended and restated, in accordance with an approved bankruptcy plan, after the HELOC had reached its maturity date. The payment plan calls for an interest only period then principal and interest payments with a balloon payment in 9 years. Should this loan be treated as a refinance with closed end loan disclosures?

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Lending Compliance
#2004799 - 03/27/15 08:21 PM Re: HELOC Modification under Bankruptcy Plan Alley Oops
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,350
Galveston, TX
It is a court ordered workout - what disclosures??
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#2004832 - 03/27/15 09:02 PM Re: HELOC Modification under Bankruptcy Plan Alley Oops
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,529
Bloomington, IN
Alley Oops, see Reg. Z 1026.9(c)(1)(ii) and 1026.20(a)(3).
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2005054 - 03/30/15 07:39 PM Re: HELOC Modification under Bankruptcy Plan Alley Oops
Alley Oops Offline
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Joined: Dec 2010
Posts: 2
Thank you for your help!!! Greatly appreciated.

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