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#625889 - 10/17/06 08:29 PM Cash out to purchase partial interest - HMDA?
RR Becca Power Poster Joined: Sep 2004 Posts: 5,249 out of the frying pan...	I know we've talked about this before but I didn't have any luck with my search. 3 sisters inherit house free and clear. Sisters 1 and 2 are buying out sister 3, take a 1st mtg on house to do so. Is this a HMDA purchase or just a non-reportable cash-out? _________________________ You call it ADD. I call it multi-tasking.
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#625890 - 10/17/06 08:39 PM Re: Cash out to purchase partial interest - HMDA?
Dan Persfull 10K Club Joined: Aug 2002 Posts: 47,532 Bloomington, IN	We would treat this the same as a spouse buying out the other spouse in a divorce situation. Since there is no existing lien on the property we would treat it as a purchase. If there was an existing lien that was being refinanced, we would report it as a refinancing. _________________________ The opinions expressed are mine and they are not to be taken as legal advice.
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#625891 - 10/19/06 01:15 PM Re: Cash out to purchase partial interest - HMDA?
RR Becca Power Poster Joined: Sep 2004 Posts: 5,249 out of the frying pan...	Thanks Dan, I was having a very brain-dead day. _________________________ You call it ADD. I call it multi-tasking.
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