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07004 : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 5
Thu Sep 15, 2016
Danyel Dutcher asked:
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This question was asked from this property: http://www.trulia.com/foreclosure/1028314746-76-Fairfield-Rd-Fairfield-NJ-07004#photo-4
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Thu May 24, 2012
Donald Stevens answered:
You may be thinking of insurance that is paid as part of your mortgage payment. Mortgage companies may set up an escrow account that you pay as part of your mortgage payment and they forward the insurance money to the insurance company. It is still your insurance policy even though the mortgage company sends the check.

Sometimes when homeowners let thier policies lapse the mortgage company will get a policy that is called "forced place insurance". Those polices are obtained by the mortgage company to protect thier interest in the house but you still pay for it. They will increase your mortgage payments to offset the cost. Remember, forced place insurance only protects the banks interest even if you are the one paying for it. It is always better and almost always less expensive to shop around and purchase your own policy. You get way better coverage for a lot less.

Donald Stevens
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Tue May 8, 2012
Marsha Bowen Washington answered:
If you stop making payments, neither the mortgage company or servicer gets paid. The exception in most cases is the lender will continue to pay the property taxes and hazard insurance on the property if you fail to keep coverage. ... more
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Sun Dec 5, 2010
Murray Robertson answered:
Consider Boonton. There are a number of properties that currently have businesses on the first floor and residential appts on the upper floors.
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Fri Aug 20, 2010
Janice Corsilli answered:
You have to make sure that they have DEP approvals to build. The property is in the flood zone and you cannot build the house with a baseme nt. It has to be built with either a crawl space or a slab. Also, when they get approvals from the DEP usually they gave the state plans for a particular house. If so, you can only build that house on that lot. With the approval you need to check to see if "fill credits" are included in the purchase price. This is an extra charge for fill (soil) that has to be purchased from a specific supplier.

good luck
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