2(p) Refinancing
step 1. Standard. Point 1003.2(p) represent a refinancing due to the fact a shut-prevent home mortgage or an open-prevent personal line of credit in which yet another, dwelling-covered personal debt responsibility joins and you may changes an existing, dwelling-secured obligations duty by the same debtor. But once the explained for the feedback 2(p)-dos, whether a beneficial refinancing keeps happened relies upon reference to whether, according to the parties’ contract and you may appropriate legislation, the original obligations obligation has been satisfied otherwise replaced by a good the newest debt obligation. If the brand-new lien are met was irrelevant. Eg:
ii. An alternate unlock-avoid line of credit you to satisfies and changes a preexisting closed-stop home loan is actually a refinancing around 1003.2(p).
iii. Except as described when you look at the review 2(p)-2, another debt responsibility one renews or modifies new regards to, however, that does not meet and you may exchange, an existing personal debt obligation, isnt a refinancing below 1003.2(p).
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