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Borrowers came in and used their current home as collateral to purchase a new home that will be their primary residence. They then came in about a month later and said the contractor for the new house was wanting more money (and they hadn’t sold their old house) and they needed more. We paid off the first loan and combined it with the new money. Do both loans go on the LAR as purchases? Both were put on longer term financing because the borrowers were afraid their current home would take a while to sell. It seems like we would be putting the same loan on twice just with different loan amounts…
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