Free Legal Question: Real Estate Law | New Jersey | If i borrowed ...

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6/02/12, 10:04 am

Legal Question


if i borrowed 20000 from one person does he have the right to put a mortage on two seperate properties? both are clear #1 valued at 60000 tax the other 250000 tax


Legal Answer


A mortgage is a contract. As such, it is a voluntary agreement between the parties. If the security for the loan was b...

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Answered By:

John Corbett

A mortgage is a contract. As such, it is a voluntary agreement between the parties. If the security for the loan was both of the properties, there can be two mortgages or, better as a matter of legal drafting, a single instrument representing two mortgages. If the loan was not accompanied by a mortgage document, the lender can do nothing by way of encumbering any property so long as the loan is not in default. That is to say that a lender cannot "put a mortgage on" any property without the prior consent of the borrower. If there is a default and the lender sues and obtains a judgment on the original loan note, the lender can then collect by any lawful means. If the judgment is a NJ judgment or docketed in NJ, it is possible for the judgment creditor to obtain a lien on all real property of the debtor within the State until the judgment has been satisfied. A lien is not a mortgage and cannot be foreclosed on in the same way as a mortgage.

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


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