2(p) Refinancing

step one. General. Point 1003.2(p) describes good refinancing once the a shut-prevent home loan otherwise an unbarred-stop line of credit where a separate, dwelling-protected personal debt obligation satisfies and you can changes an existing, dwelling-shielded personal debt duty because of the exact same borrower. But while the explained from inside the opinion dos(p)-dos, whether or not a refinancing keeps occurred https://clickcashadvance.com/installment-loans-ks/ relies on regard to whether, according to the parties’ bargain and you will appropriate rules, the first debt obligation could have been satisfied or replaced of the a great the loans obligation. If the completely new lien try met try irrelevant. Such as for instance:

ii. A unique open-stop personal line of credit one to suits and you will changes a current closed-stop real estate loan was an effective refinancing not as much as 1003.2(p).

iii. But since the explained in the review 2(p)-dos, an alternative obligations responsibility that renews or modifies brand new terms of, but that does not fulfill and change, an existing personal debt obligation, isnt a good refinancing below 1003.2(p).

dos. New york Condition integration, extension, and you will modification agreements. In which a purchase is performed pursuant to some other York Condition combination, expansion, and you can amendment agreement that’s categorized since a supplemental financial around New york Taxation Rules section 255, in a fashion that the newest borrower owes less if any home loan tape fees, and in which, but also for this new contract, the order would have satisfied the definition of an excellent refinancing less than 1003.2(p), the order is a beneficial refinancing lower than 1003.2(p). Come across and additionally remark dos(d)-2.ii.

step three. Current personal debt obligation. A sealed-avoid real estate loan or an open-end personal line of credit that matches and you will replaces a minumum of one present debt burden is not an excellent refinancing less than 1003.2(p) unless of course the present obligations duty (or financial obligation) including is covered by the a home. Читать далее →