Legal Question in Real Estate Law in New Jersey

condo mortgage insurance

I am refinancing my mortgage and eveything went smooth until one day before closing, The mortgage co. says my condo assoc. insurance is only for 80% not 100% and they cannot accept that. 22 other mortgages have closed recently without a problem. Can you tell me what's wrong?


Asked on 12/02/05, 9:09 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: condo mortgage insurance

This actually should not be a problem, if the coverage provided at 80% is more than your mortgage. The mortgage company is allowed to be assured that if there were a total loss their mortgage would be covered in full. If this is not full coverage, you can always add something to your condo personal insurance to cover the differential. I need more facts on what the mortgage is in relation to the total value of the condo, and what the condo association provides, to give you a more complete answer.

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Answered on 12/03/05, 1:57 pm


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