99- 346 C.M.R. ch. 1, § 9
Current through 2024-51, December 18, 2024
Some Mortgagors who sell their residences within nine years of purchase must pay recapture with their federal income taxes in accordance with § 143 of the Internal Revenue Code. The recapture amount depends upon the number of years that the Mortgage Loan is outstanding, family size, income and gain realized. The recapture will not exceed the lesser of 50% of the gain realized by the Mortgagor or 6.25% of the Mortgage Loan. The Lender shall inform each Mortgagor of potential recapture as required under § 143 of the Internal Revenue Code.
99- 346 C.M.R. ch. 1, § 9