Mortgage / Deed of Trust seeking help in the New Jersey Foreclosure Law
i have an investment property in new jersey. this is a mortgage state.
my question is:
can i sell my property using a deed of trust?
if so will the trustee be able to sell the property faster than with a
mortgage?
i am selling this property with 10% down.
the area is declining and i can't afford to wait a year to forclose (
if
this is needed ).
_A deed of trust is a mortgage. You can generally transfer title to real
property using a grant deed, quitclaim deed or other deed. To foreclose on
a mortgage, you need to follow the rules in your state. There is usually no
other faster way unless your laws allow you to have a lawyer draw up a
special contract.
Consult with an attorney in your area. If you don't know one, contact your
local bar association from the yellow pages; they may be able to refer you
to one. No attorney-client relationship is intended by this communication.
_You will need to speak with a NJ real estate attorney to get an answer
to this question that you can rely upon. Here in Maryland, both deeds
of trust and mortgages are used; the time frame for foreclosure is
roughly the same for both. This response is for discussion purposes only.
It isn't meant to be legal advice and you shouldn't treat it as
such. If you want legal advice, speak with a local lawyer
familiar with your state's laws who can review *all* of the
facts and the law applicable to your situation.
_You're going to carry back a 90% note and are hoping the buyer won't
default on you? Is the buyer getting ANY bank financing? (Even if so,
you'd be the junior, but you wouldn't be out so much money.) What
about an 80-10-10?
If the buyer can't get a bank loan, why do you think the buyer will
make payments to you?
If you're really concerned, you might try selling your property to a
more conventional buyer, unless you need the stream of payments instead
of cash. It might be worth it to take a cut in the sale price, and be
sure you get the cash.
In SOME states, there's a difference between a mortgage and deed of
trust. I don't know about New Jersey -- make an appointment with a
local real estate attorney familiar with home sales; many have free
initial consultations.