The fresh new $fifty,000 loan is a good refinancing lower than 1003
2(p) Refinancing
step 1. General. Section 1003.2(p) talks of a good refinancing due to the fact a close-stop home mortgage or an unbarred-end credit line where a special, dwelling-covered personal debt duty joins and you may replaces a current, dwelling-secured financial obligation obligation by the same borrower. Except as discussed within the feedback dos(p)-dos, if a great refinancing provides happened will depend on mention of the if or not, according to the parties’ bargain and you may relevant law, the first obligations obligation could have been found or changed by the an effective this new financial obligation responsibility. Perhaps the fresh lien is found is unimportant. Including:
ii. A different sort of unlock-prevent credit line one meets and you can substitute a current closed-avoid mortgage was a great refinancing less than 1003.2(p).
iii. Except due to the fact revealed for the review 2(p)-dos, yet another loans responsibility one renews or modifies the fresh regards to, but that will not see and you will exchange, a preexisting obligations obligations, is not a beneficial refinancing less than 1003.2(p).
2. Nyc County combination, extension, and you can modification preparations. In which a deal is completed pursuant to a different York Condition consolidation, expansion, and you can amendment agreement which is categorized just like the an extra mortgage significantly less than Ny Taxation Law area 255, in a manner that the brand new borrower owes less or no home loan recording taxation, and you will where, however for the agreement, your order could have fulfilled the term an effective refinancing under 1003.2(p), the transaction is good refinancing not as much as 1003.2(p). (more…)