FAQ Content
Repayment of the Shared Appreciation Mortgage becomes due when any repayment trigger occurs, whether because the home is sold, refinanced, or another event affects the first or subordinate loan. Repayment is required when any of the following happens:
- Transfer of Title
- Sale of the Property
- Payoff of the First Mortgage Loan
- Payoff of the Subordinate Loan Principal Balance
- Refinance of the First Mortgage (except for the one permitted rate and term refinance)
- Formal filing and recording of a Notice of Default
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