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Steven Jay Eisenstein

Steven Eisenstein’s Answers

10 total

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

    my home is in forclosure and the Internal Revenue Service has a lien on the property, can the mortgage company sell the home

    Steven’s Answer

    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.

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

    signing or for me to sign a promissory note for $10,000. Is this mandetory and if not, how much room do I have to negotiate?

    Steven’s 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.

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

    My wife and I signed 2 one-year leases last November (2010). One lease was 11/2010 - 11/2011 and the other was 11/2011-11/2012. We are a little over halfway through the first lease. I'd like to cancel the second lease we signed for Nov 2011-Nov...

    Steven’s 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.

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

    My fiance and I share a joint bank account and we both have put money in it over this whole year. She isn't working because she was fired and has only sudent loans for income. I had a large tax return I deposited and one night we had a fight and a...

    Steven’s Answer

    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.

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

    We have been living separately for a year. The divorce is not contested and we have no children

    Steven’s 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.

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  • Are appraisers getting away with murder when appraising homes?

    My home is zoned A1-1, Agriculture 1 acre min., sfd. I have an 1 1/2 and am allowed 7 large livestock animals. I have horse property with barns and rec room. My house was built in 1955. When the VA appraisor did the comps he did them on homes ...

    Steven’s Answer

    • Selected as best answer

    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 lot of judgment comes in and appraisers differ.

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  • 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.

    i am renting a house and the well pump broke. The main water switch was off and the landlord says we did it. I told the landlord I would have my friend come to check it out, he will not charge us. Still waiting on my buddy, my landlord calls the...

    Steven’s Answer

    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.

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

    Husband and wife listed on mortage loan as borrowers in a home refinance. No co-borrowers listed. However, only the husbands name is on the title deed. Both paid on loan equally. Husband died. Whos asset is it?

    Steven’s 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 important to get local legal advice as property laws vary widely from state to state.

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

    I will be looking for homes in the next couple of months and would like to have my business attached to the home. It will only be myself working at the location and at the most, I would have one client parked in the driveway. The business would ...

    Steven’s 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. The application process takes 2 to 4 months and includes fingerprinting and a criminal background check.

    Locally Edison has zoning power over homes businesses and you have to check the Zoning Code to see if home businesses are allowed in your area. If not you have to apply to the Zoning Board for a use variance.

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

    I have supporting HUD and Short Sale agreement paperwork as supporting evidence.

    Steven’s Answer

    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.

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