(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; 31 CA 260; 34 CA 138.