Repairs on Condemed Burned-Out Former Residence

A fire in a residence resulted with the local government comdeming the structure. The customer borrows $10K secured by the land to improve the structure, yet the funds are insufficient to make all the repairs needed to make the structure inhabitable. Is the $10k loan RESPA?

Thanks!!

Where in RESPA or HMDA does it state a structure has to be inhabitable to meet the definition of a dwelling? How many unihabitable dwellings are purchased and renovated per year in order to flip them?

It sure sounds to me at the time you made the loan you had a loan that qualified as a home improvement loan.

Nancy, what is the term of the loan and how is it to be repaid?

Hi Joker
It is a five year note with monthly payments. Dan's comment is interesting in that although the structure would not be returned to a livable residence using the proceeds from this loan, it would still be considered a dwelling.
That may be where I tripped up as I had considered a dwelling as a place one would dwell or reside. In other words, the govenment condemning the structure has no impact on RESPA.

Correct. The reason for my question was to determine if the loan was possibly temp financing..obviously it is not and there is apparently enough 'residence' there to be condemned and not burned completely up (reduced to land only), so I agree, it's both RESPA and HMDA reportable (if you are a reporter).