Legal Question in Real Estate Law in New Jersey

Failure to pay any of the mortgage components, including property taxes and home insurance, all constitute a default. When you default the mortgage company may sue for foreclosure.

If you find a buyer who is not willing to pay at least the full amount you owe on the mortgage, including all late charges and any expenses the mortgage company has incurred because of your default, you may ask the mortgage company to approve a short sale. This will avoid the foreclosure judgment against you. The mortgage company does not have to approve a short sale.

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.

This problem has been happening to so many people in this area. Call me, and we can discuss what can be done to help you out.

Robert Davies, Attorney 201 820 3460