Brand new $fifty,000 financing is actually a beneficial refinancing below 1003
2(p) Refinancing
step 1. Standard. Area 1003.2(p) talks of a refinancing because a closed-stop mortgage otherwise an open-end credit line where a unique, dwelling-covered personal debt obligation meets and replaces a current, dwelling-protected debt obligations from the same borrower. Except just like the revealed when you look at the feedback 2(p)-2, whether or not good refinancing possess taken place hinges on regard to if, in accordance with the parties’ bargain and applicable rules, the original financial obligation responsibility could have been fulfilled or replaced from the an effective new personal debt obligation. Leia mais
