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?