Asked by Maxwell Silva, Franklin Park, Trenton, NJ • Sat Jun 16, 2012
We took out a FHA Mortgage for our home in 2008 and used NJ Smart Start Program to aid with closing costs and down payment. Â My Â Contract with NJ Smart Start states If the Borrower continuously resides in the premises, as his/
her principal residence for five (5) years from the date of the closing of the loan, the principal on the Note will have been deemed satisfied and the Lender will provide the Borrower with a cancellation of mortgage or release of lien. If the Borrower conveys, "cash out" refinance or ceases to occupy the premises as his/ her principal residence, full repayment of principal will be due as follows....
My wife and I want to simply Streamline Refinance to take advantage of current low rates, however, I was told I needed to contact NJ smart start to see wether they would subordinate and they told me they won't. None of this was in my contract with NJ smart! Is this legal?
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