Legal Question in Real Estate Law in New Jersey
Subject to agreements
I am interested in a home that is currently in the first stage of foreclosure. I spoke to the homeowner and he just wants out. My credit is not very good however I do not have any liens or judgments against me. I can make the existing mortgage current and the homeowner is willing to deed me the home. I heard that using a ''Subject to'' agreement, I can keep the current mortgage in place. Is this a possible option for me and is it liking that the lender will consent to the sale?
1 Answer from Attorneys
Re: Subject to agreements
What you are really asking is that you be allowed to assume the mortgage. It is really dependent on the approval of the current mortgage company, and there are documents that would have to be recorded along with the deed.
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