Special Mortgage Law and Legal Definition
A special mortgage means a loan originated, subsidized or guaranteed by or through a state, federal, tribal or local government, or nonprofit organization. [Conn. Gen. Stat. § 36a-760c].
The following is an example of a state statute (Minnesota) defining the term:
According to Minn. Stat. § 58.13, ‘special mortgage’ means a residential mortgage loan originated, subsidized, or guaranteed by or through a state, tribal, or local government, or nonprofit organization, that bears one or more of the following nonstandard payment terms which substantially benefit the borrower: (i) payments vary with income; (ii) payments of principal or interest are not required or can be deferred under specified conditions; (iii) principal or interest is forgivable under specified conditions; or (iv) where no interest or an annual interest rate of two percent or less is charged in connection with the loan. For purposes of this section, "authorized independent loan counselor" means a nonprofit, third-party individual or organization providing homebuyer education programs, foreclosure prevention services, mortgage loan counseling, or credit counseling certified by the United States Department of Housing and Urban Development, the Minnesota Home Ownership Center, the Minnesota Mortgage Foreclosure Prevention Association, AARP, or NeighborWorks America;
Legal Definition list
- Special Milk Program [SMP]
- Special Meeting(Corporate Law)
- Special Master
- Special Maritime and Territorial Jurisdiction of the United States
- Special Lien
- Special Mortgage
- Special Motion
- Special Motor Fuel [Internal Revenue]
- Special National Intelligence Estimate
- Special Naturalization Provisions
- Special Needs
Related Legal Terms
- Adjustable Rate Mortgage
- Adjustable Rate Mortgage Caps
- Adjustable Rate Mortgage Loan
- Adult With a Special Need
- Alternative Mortgage Instruments (ATI)
- Alternative Mortgage Transaction [Banks & Banking]
- American Board of Medical Specialties (ABMS)
- Amortized Mortgage
- Anaconda Mortgage
- Area of Special Flood Hazard
