Connecticut General Statutes 49-31h – Partial payment by homeowner mandated by court as condition for granting of restructuring order
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(a) As a condition to the granting of a restructuring order, the court may order the homeowner to pay to the lender during the restructuring period an amount not to exceed twenty-five per cent of his net income per month as a means of demonstrating the homeowner’s good faith effort to reduce his mortgage indebtedness.
Terms Used In Connecticut General Statutes 49-31h
- month: means a calendar month, and the word "year" means a calendar year, unless otherwise expressed. See Connecticut General Statutes 1-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) For purposes of this section, “net income” shall include any unemployment benefit received by the homeowner in accordance with chapter 567.