Legal Question in Real Estate Law in New Jersey

In most mortgages, payments are usually applied first toward interest, with only the balance of the payment going towards principal. That ratio changes as time goes by, with increasing amounts being applied towards principal. You should have been given an amortization table, showing how each payment is applied. If you didn't receive one, there are amortization calculators on the internet, where you can plug in your total mortgage amount, the interest rate, and the term or length of time of your mortgage, to get the same information.

Read your note carefully, it probably spells out how the payments are applied.

THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.