Home purchase or Refi

Posted By: dg

Home purchase or Refi - 05/20/10 08:42 PM

We have a loan that was made to Bill secured by a Mobile Home. Bill past away now the loan is re-written to son Bobby. Original loan is paid off and a new loan is created still secured by the MH. Would this be a Refi or a purchase?
Second loan was to Smith Trust secured by a residence. The trustee past away. Now the loan is paid off and is re-written to son Mike and nephew Joey. Would this be e Refi or Purchase?
Posted By: Mrs. Rizzo

Re: Home purchase or Refi - 05/20/10 09:18 PM

Refi is to the same borrower.
Posted By: hmdagal

Re: Home purchase or Refi - 05/20/10 09:30 PM

I wouldn't report either of these.
Posted By: dg

Re: Home purchase or Refi - 05/20/10 09:44 PM

Not as a purchase either? Why not?
Posted By: hmdagal

Re: Home purchase or Refi - 05/20/10 10:34 PM

Were the new borrowers buying the property from the estate? I had assumed that they were beneficiaries and had inherited it.
Posted By: dg

Re: Home purchase or Refi - 05/21/10 07:08 PM

They are beneficiaries, so what does that mean?
Posted By: raitchjay

Re: Home purchase or Refi - 05/21/10 07:12 PM

I think hmdagal means that if they are beneficiaries, then they already "own" it by means of inheriting it, so it wouldn't be a purchase transaction. JMO though.
Posted By: dg

Re: Home purchase or Refi - 05/21/10 07:22 PM

What if one was loaned to the estate and one was not. They were both beneficiaries so neither would be reported as a purchase?