Massachusetts General Laws ch. 183C sec. 8 – Limitation on scheduled payments
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Section 8. A high-cost home mortgage loan shall not contain a scheduled payment that is more than twice as large as the average of earlier scheduled payments. This subsection shall not apply when the payment schedule is adjusted to the seasonal or irregular income of the borrower.
Terms Used In Massachusetts General Laws ch. 183C sec. 8
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.