Steven Jay Eisenstein’s Answers

Steven Jay Eisenstein

Roseland Banking Law Attorney.

Contributor Level 8
  1. Are appraisers getting away with murder when appraising homes?

    Answered over 3 years ago.

    1. Steven Jay Eisenstein
    2. Daniel Robert Hamad
    2 lawyer answers

    Appraisers are supposed to use comparables as close as possible to the property being appraised. Given the current real estate market it is possible that there were no sales close enough in time to be useful since sales from a few years ago are so off today's values. In that case you use sales of somewhat different properties but you have to adjust those sales in all the categories in which the differences occur such as property size, quality of construction, facilities, etc. This is where a...

    Selected as best answer

  2. What is the process to establish a home based massage business in Edison, NJ?

    Answered over 3 years ago.

    1. Steven Jay Eisenstein
    1 lawyer answer

    This is too local and specialized for a specific answer but you should know there are two things to consider. First is the statewide regulation of the massage business and second is local zoning. The Department of Community Affairs through the New Jersey Board of Massage and Bodywork Therapy licenses and regulates massage therapy. In order to qualify for a license you must submit an application to the state and complete 500 hours of education on massage therapy in a state approved program....

  3. Can mortage company proceed with forclosure if the IRS has a lien on the home

    Answered over 3 years ago.

    1. Margery Ellen Golant
    2. Steven Jay Eisenstein
    3. Benjamin A. Stolz
    4 lawyer answers

    It's a numbers game. If there is enough left over after the IRS is satisfied to make it worthwhile for the lender to go through the process there is no reason why it wouldn't foreclose. I have also seen cases where the IRS has agreed to take less to allow other people to be repaid. They can be negotiated with.

  4. I am going through the process of Deed in Lieu of foreclosure. The lender is asking for my commitment to give $3000 cash at

    Answered over 3 years ago.

    1. Steven Jay Eisenstein
    1 lawyer answer

    The Lender does not have to accept a deed in lieu. It can go through the foreclosure process. The leverage you have really depends on how underwater the house is, in other words, how much more you owe than the house is worth, and how long it takes in your state to go through the foreclosure process.

  5. Can I get out of a lease that hasn't started yet?

    Answered over 3 years ago.

    1. Steven Jay Eisenstein
    1 lawyer answer

    You don't make it clear whether this was for the same property. It is a little odd to do two leases for the same property rather than one two year lease. However, a lease is a binding contract and unless there is something in the lease allowing you to terminate it you may be sued to enforce it.

  6. Fiance took money out of bank account what can I do?

    Answered over 3 years ago.

    1. Isileli Tupou Manaia Mataele
    2. Steven Jay Eisenstein
    2 lawyer answers

    You said that both of you put money into the account during the year. If there was no clear agreement whose money was taken out for living expenses during the year you had better tread carefully. If the money she put in the account ever totaled $4,000 she may claim she was only taking out her money.

  7. No one is living in the house with a mortgage. My name is not on mortgage. am i responsible if forecosure?

    Answered over 3 years ago.

    1. Steven Jay Eisenstein
    1 lawyer answer

    If you are asking whether you are responsible to pay the debt the question is whether you signed the Note. The Mortgage is security for the debt, the Note memorializes the obligation to pay.

  8. Do i have to pay for a pump I "may" have broke. Well pump needs to be replaced and landlord wants me to pay for it.

    Answered over 3 years ago.

    1. Lewis Matthew Roberts
    2. Steven Jay Eisenstein
    2 lawyer answers

    You also need to review your lease if you have a written one for the house. It may establish who is responsible for both maintenance and repairs. Also if you have renter's insurance you should check your policy to see if this might be covered though that is unlikely.

  9. Two borrowers on mortgage loan, no co-borrower. However, only one borrower listed on title deed. Both borrowers paid equaliy.

    Answered over 3 years ago.

    1. Steven Jay Eisenstein
    1 lawyer answer

    Property laws vary by state but as a general rule the deed controls ownership, not the mortgage. If the husband is the only one on the deed he is the only legal owner but spouses can have marital rights to the premises without being in title in many states which is why mortgage companies require the spouse to sign the mortgage so as to waive his or her marital rights in the event of foreclosure. The estate laws will govern what happens to the property after the husband dies but again it is...

  10. HUD Statement - Line 505, what is the legal meaning around "Pay-Off of Second Mortgage" or is it just a lein release?

    Answered over 3 years ago.

    1. Amanda Anne Bloomgren
    2. Steven Jay Eisenstein
    2 lawyer answers

    All liens must be discharged at closing to transfer clear title to a Purchaser. If the homeowner has a second mortgage, most commonly a home equity loan, the amount necessary to pay off the second mortgage in full must be calculated to the date of payment and reflected in Line 505. Note that if the second mortgage is a home equity loan a letter should first be sent to the lender freezing the line of credit to ensure the accuracy of the payoff amount.