Sec. 49-31h. Partial payment by homeowner mandated by court as condition for granting of restructuring order.
Sec. 49-31h. Partial payment by homeowner mandated by court as condition
for granting of restructuring order. (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.
(b) For purposes of this section, "net income" shall include any unemployment
benefit received by the homeowner in accordance with chapter 567.
(P.A. 83-547, S. 10; June Sp. Sess. P.A. 83-29, S. 75.)
History: June Sp. Sess. P.A. 83-29 deleted reference to "financial institution" and substituted "lender during the restructuring period" in lieu thereof.
Cited. 29 CA 541. Cited. 31 CA 260. Cited. 34 CA 138.