Legal Question in Real Estate Law in New Jersey

Real Estate Dilemma

6 months ago a friend and I purchased a house to renovate and sell; however the house has been on the market for awhile and could possibly foreclose. I am on the deed but not on the mortgage, what are my options? Am I responsible to pay the mortgage? Can I buy his half? How can I get myself out of this situation before my credit is ruined?


Asked on 12/14/07, 7:50 pm

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Re: Real Estate Dilemma

At the moment, this is more of a problem for your friend than for you. I would recommend, however, that you check your facts by having a lawyer review all the documents. I can't imagine that a lender would permit a construction loan to close with security against fewer than all of the named owners.

Your options depend on the form of the business and its management structure. Again, it would be beneficial for you to have a lawyer look over your documents and understand your situtation.

My firm handles matters of this type, however it may be easier for you to work with a lawyer whose office is closer to you. (You did not give your Zip code. My firm is in Marlton.) If I can be of further help to you, call or email.

See also: http://info.corbettlaw.net/lawguru.htm

Read more
Answered on 12/17/07, 10:24 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey