Legal Question in Family Law in New Jersey
Subordinate Mortgage -vs- Primary mortgage
My Divorce settlement placed a mortgage on the property my ex-wife now owns title/deed on. The mortage I hold is not subordinate. Now my ex-wife wants to refinace again. My note is due in 1 year and is primary. The mortgage company needs my note/mortgage to be re-filed as a subordinate mortage.
Is there any legal right on the part of my ex-wife to force this action?
If I change my mortgage to subordinate will I not loose all rights to first collect on the property?
Will it not make forcloseure when my note is due almost impossible?
1 Answer from Attorneys
Re: Subordinate Mortgage -vs- Primary mortgage
If your agreement is silent as to your position or if it is to be paid off upon refinance, you should not give up your position without receiving all or some of the amount from her refinance. If you need some lega follow up, please call our office.
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