Legal Question in Real Estate Law in New Jersey

Hello. I have an investment property located in Union City NJ 07087, that is going to foreclosure , the property is in y name ( not business ).

I have another property my primary residence located in Jersey City NJ 07306 , I am current with the mortgage payments and I have a lot of equity here.

My question: Can the bank take my primary residence or put a lien, because my investment property is going to foreclosure?

I did not use my primary residence like a collateral for buying my investment property.

thanks


Asked on 4/22/10, 10:07 am

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

It is not possible to say for sure, based only on what you have said, and here is why:

If your investment property is subject to a mortgage, then yes you will lose it in foreclosure if you do not pay the mortgage and if you do not successfully fight the foreclosure.

Then, if the bank sells it at foreclosure, will they get paid in full from the sale? If they are not paid in full, then you have a bigger problem. If the bank is not paid in full from the selling of your investment property, then the bank may come after you for the rest of the money. And they may go after your house.

Maybe. I need to know more to tell you anything more about that.

I strongly suggest that you get a lawyer on this, and try to solve this.

Call me, and I will discuss this with you, 201-820-3460.

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Answered on 4/27/10, 10:17 am


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