Seller/Owner Financing-Northern NJ

[Jessica Zolotorofe]

Anyone interested in owner financing a property in the northern NJ area? I have a client interested in purchasing a fixer but has too much credit out to qualify for a conventional loan. 

As far as structure, I suggested he take a deed now with a mortgage back on the property so he is protected when he maintains, pays taxes and insurance and incurs significant costs improving the property, but the owner of the property he is interested in wants to retain title. I don't see how we can make that work. Anyone with advice on a way to structure that makes both parties comfortable? 

Thanks!

[Eric E.]

This is always a challenge in NJ because it's a judicial state and foreclosure can take many many months.    You can do seller financing in NJ, but it's just more risky, especially for the seller.      In some states, you could do a "land contract" aka "contract for deed" but I'm told they are not recognized in NJ at all, and you could have issues in court.    For the fellow looking for an RMLO, google "Call the Underwriter".   Tell the owner I said hello.