Legal Question in Real Estate Law in New Jersey
Mortgage Law in NJ
If a seller of a property has agreed to carry the 10% note for a buyer, does the bank have to know about it?
2 Answers from Attorneys
Re: Mortgage Law in NJ
Yes - the bank is entitled to know if there are any other people with an interest in the property.
I am sure your mortgage (company)requires that it be a first mortgage and that you cannot have other mortgages/loans encumbering the property without their permission - this is in effect what the hidden note would be.
This post is not legal advice and does not create an attorney-client
relationship. It is a comment on the legal question posed by the
poster and should not be relied upon in any way. All readers are
advised to consult an attorney to address their specific legal
concerns. Additional facts could affect the answer given.
Re: Mortgage Law in NJ
Yes.
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