Home Equity New Jersey

I am a landed immigrant in Canada, living in Edmonton. I have tried to get a home equity loan on my property located in Morristown, New Jersey. I have approached several major US-based lenders. I have been refused the loan because I am not a US permanent resident. I need your help to locate a financial institution (American or foreign) willing to work with me. I have an acceptable US credit score and my job in Canada is steady and well paid (I work for the Government of the province of Alberta). I want to use the funds to consolidate my debt. Thank you for your assistance!

wongmartines,

I may have something for you. I cannot go into second position behind any other mortgage, but the loan I have could make sense. Even if you have tried Wachovia, still contact me because the loan I'm thinking of is fairly new to the bank and many of the bankers aren't familiar with it yet. I recently did a refinance for a non-resident alien with this particular loan, so I know that it is possible.

As always, you can contact me at the branch.

813-681-2866

Good Luck!

Frank

2007-01-20 14:32:58 by wongmartines

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I recently refinanced with another company and the original company charged me a $500 fee. It is clearly stated that they can in my contract, but I still question the legality of that.

You need to look at the paperwork that you signed, if indeed as you have stated there is an early closure fee, then there will be one for sure. Banks have a way of wording fees to get around any state laws that may exist. However, with most mortgage transactions, there will be some sort of fees associated with the closing of accounts.

2007-01-02 12:17:21 by Stephen

I had an allodial title to my home, which was passed down. I signed a contract with a bank for a Home equity loan. As a condition of the loan the Bank agreed with me that I Did not agree to tax deductions in the Home equity loan; they would not deduct a property tax, no agreement to take it out the mortgage payment; (3) I Don’t have to pay taxes in mortgage payment agreeing I would pay property taxes due to a separate arrangement with Township Tax Office if payments are due. I became surety still under the Home equity loan. The Bank forecloses on the property or Home equity loan for failure to receive payment. The Bank didn’t receive payment because they refused it. Was the bank refusal not breach of contract? There was non-payment of monthly obligations on the loan because they refuse to receive payment because of failure to pay property taxes. The Bank forecloses because Township stated I owed property tax. When I was continuing not to pay property taxes after a while the Bank foreclose on the payment. How did failure to pay property taxes breach contract my contract with the bank? Tax bills are sent out by Township Tax Office, which I refuse to honor. I didn’t have a Mortgage Loan rather Home equity loan. United Jersey Bank breached the contract when they did not receive any payment thus the contract was void. The tax issue was separate. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due, even though the owner may not have received the tax bill. A bill is not necessary to make a payment. There was no court decision that as the person who inherited the home property taxes were due. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due. Yet how do I owe property taxes? The property was taking for non-payment of Federal Reserve notes.

1) The lender can refuse payments that are delinquent, less than the full amount Due to bring it current or if any other part of the loan agreement is breached including not paying assessments like taxes.
2) the contract you sign (as with all mortgage loans) states that you promise to pay assessments like taxes and associations dues, as well as keep the property covered by adequate homeowners insurance.
3) Yes, if you inherit a property you become liable for the actions on or for the property including paying taxes. If a person slips and falls on the property, the same principal applies
Read your bank note, the court will only grant a foreclosure judgment to a lender when it is proven that the consumer has breached the contract.

2008-03-10 08:25:22 by Myah F

We have a home in NJ, we have a mortgage and a home equity loan, we have never missed a payment. We need to move and can't sell our house while using an agent without losing money with thier commision. Is there any way to simply give the house to the bank to settle the debt and walk away without foreclosing?

The bank will likely sell the house for less than you could while you are living there. You will owe the shortfall to the bank and they will try and collect from you.

I would try and sell it yourself- but you will need to price it lower than you would if you used an agent.

There is no easy way out of this situation.

How bad would it be simply to remain in your house three more years? There is a good chance that things will be much better by then. If prices were to go up you could even have an equity in your home again.

2008-05-13 15:29:08 by Anthony P

Currently both myself and my daughter is on the deed to our home in New Jersey. I have a Home Equity Line of Credit in my name but would like to remove my name from the deed. Can I file a Quit Claim Deed, but continue to pay the line of credit?

You can remove your name from the TITLE to the property (ie. file a quick claim deed) and continue to the pay the mortgage. No problem. You can do this for about $75 through a real estate attorney. You cannot remove your name from the MORTGAGE without refinancing the home, however. (A *few* lenders do allow exceptions to this but would require your daughter to be able to qualify for the Home Equity Line herself). Keep in mind that in most situations (ie. non-family) it is not necessarily wise to disassociate from the asset (the title) but still remain tied to the liability (the mortgage). Obviously this should not be a problem if your relationship with your daughter is one of trust. Hope this helps.

2007-10-11 20:25:04 by stephnj