Massachusetts S731 regulates shared appreciation mortgage loans, ensuring borrower protections and transparency.
Massachusetts S731 introduces regulations for shared appreciation mortgage loans, requiring mortgage holders to provide clear disclosures and housing counseling. The bill mandates that shared appreciation mortgage loans cannot include penalties for early repayment, restrict borrower rights, or have confidentiality clauses. It also requires the mortgage holder to subordinate the shared appreciation mortgage upon borrower refinancing qualification. The bill outlines specific notice requirements before the shared appreciation payment becomes due and mandates periodic statements to borrowers.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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