cancellation date

(2) Cancellation date The term “cancellation date” means— (A) with respect to a fixed rate mortgage, at the option of the mortgagor, the date on which the principal balance of the mortgage— (i) based solely on the initial amortization schedule for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 80 percent of the original value of the property securing the loan; or (ii) based solely on actual payments, reaches 80 percent of the original value of the property securing the loan; and (B) with respect to an adjustable rate mortgage, at the option of the mortgagor, the date on which the principal balance of the mortgage— (i) based solely on the amortization schedule then in effect for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 80 percent of the original value of the property securing the loan; or (ii) based solely on actual payments, first reaches 80 percent of the original value of the property securing the loan.

Source

12 USC § 4901(2)


Scoping language

None identified. Default scope is assumed to be the entire title.
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