Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Are wrap-around mortgages legal in New Jersey?

April 26, 2017credit Finance Legal Loans mortgage mortgages NEW JERSEY wrap-around

0

Posted

Are wrap-around mortgages legal in New Jersey?

1 Answer

0

Posted

A wrap-around mortgage, also known as an overlapping or overriding loan, is considered a form of seller financing, since the seller collects a monthly amount from the buyer with which he pays the original mortgage. Wrap-around mortgages, while not legal in all states, are legal in New Jersey.