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2(p) Refinancing

step one. Standard. Part 1003.2(p) represent an effective refinancing while the a close-end home mortgage otherwise an unbarred-avoid personal line of credit where a different, dwelling-protected debt responsibility satisfies and substitute an existing, dwelling-covered personal debt responsibility of the same debtor. Except once the discussed when you look at the feedback 2(p)-dos, whether an excellent refinancing provides taken place is dependent on regard to whether, in accordance with the parties’ package and you may appropriate rules, the original debt duty could have been satisfied otherwise changed by a great the latest personal debt obligations. Perhaps the totally new lien try fulfilled was irrelevant. Instance:

ii. A special discover-end line of credit one to joins and you can changes a current signed-end real estate loan are an excellent refinancing under 1003.2(p).

iii. Except just like the demonstrated from inside the comment dos(p)-dos, an alternative obligations obligations you to renews or modifies brand new regards to, but that does not see and you will replace, a preexisting loans obligations, isnt good refinancing under 1003.2(p).

dos. Nyc County integration, expansion, and you can modification preparations. (więcej…)