NJ. Own my house outright, 85K+- in cc debt. Conflicting advice, fresh help needed.

[tobee43]

I tried to link you to my other post but I cant yet as per rules of the forum. At thread 482128 I discussed what little I know about "tenancy by entirety". This is one of the questions I written down for the lawyer but if someone can explain now what it means that would be great. As usual, thanks for your time and patience.

i thought i did a general on the other post.....but here's the scoop....cause it's xmas... LOL!!....

New Jersey Statutes - Title 46 Property - 46:3-17.2 Tenancy by entirety

46:3-17.2. Tenancy by entirety
"A tenancy by entirety shall be created when:

a. A husband and wife together take title to an interest in real property or personal property under a written instrument designating both of their names as husband and wife; or

b. A husband and wife become the lessees of real property or personal property under a written instrument containing an option to purchase designating both of their names as husband and wife; or

c. An owner spouse conveys or transfers an interest in real property or personal property to the non-owner spouse and the owner spouse jointly under written instrument designating both of their names as husband and wife.

Language which states "....... and ......., his wife" or "........ and ........, her husband" shall be deemed to create a tenancy by the entirety."

L. 1987,c.357, s.5.


hope that helps....or makes it "clearer" for you.

[tobee43]

here's the link to your other thread....http://www.bkforum.com/showthread.ph...-needed./page2


it gets you to page 2...but there is some "general" discussion on tenancy by entirety.....if you want to recheck...also about the homestead situation in nj...

[despritfreya]

So I am looking at a mortgage as my best bet so far. . . So my question, if I am going to be putting the house up as collateral for a mortgage of say $80k, and as long as I have the CCard debt payment set as to the specific amount from each of the 5-6 cards do I need a lawyer. . . Can I just get the mortgage and send out bulk payments to the Banks issuing me the cards? . . .

Unless there is some specific rule in your state that requires the assistance of legal counsel when entering into a "real estate" transaction, no, you do not need a lawyer to close on the loan.

The Title Company can be instructed to make specific distributions when the loan funds. Those distributions can be directly made to each credit card company. All that is needed is a "payoff" statement from each creditor. The Title Company should be able to assist you in obtaining a payoff from each creditor. If and when you sit down with the lender you can go over all of the details.

Des.

[bc40ton]

tobee, I have that straight in my mind now. All is clear. Thanks very much.

Des, your last post seems like the route I am going to go unless/until I get more info to do otherwise. Now I have to figure out if I should get preapproved for a mortgage and then contact the creditors or contact the creditors first, then go for the mortgage. I assume they will work with me if I am going for a 100% payback to them. Perhaps I should start with a 50% payback and see what they say. If this fails, then my plan is to go to the Lawyer and go ch13. I thank all of you involved in my problem. Your all have been so helpful and understanding and I wish all of you a Merry Christmas and a Happy New Year.

[tobee43]

tobee, I have that straight in my mind now. All is clear. Thanks very much.

Des, your last post seems like the route I am going to go unless/until I get more info to do otherwise. Now I have to figure out if I should get preapproved for a mortgage and then contact the creditors or contact the creditors first, then go for the mortgage. I assume they will work with me if I am going for a 100% payback to them. Perhaps I should start with a 50% payback and see what they say. If this fails, then my plan is to go to the Lawyer and go ch13. I thank all of you involved in my problem. Your all have been so helpful and understanding and I wish all of you a Merry Christmas and a Happy New Year.

your most welcome...and i really know it will all work out!!!

try if you can to have a good relaxing holiday....the best of luck to you and yours...and make certain u keep us posted!!!


oh...and forgot...to add in nj as des did say about the title companies....in nj you do not need an atty for the real estate...not even a closing. personally, i have used title companies and they are great! (and much cheaper).