Posted by Bill/NY on 11/11/09 7:00am
Msg #310621

NJ Second Home Question

Couple's primary residence is in New York. Husband is sole title holder/sole borrower on a second home on the Jersey shore. Jersey is a marital state. Does wife sign mortgage/DOT?

Reply by PAW on 11/11/09 8:06am
Msg #310634

That question needs to be answered by the Title company. But, for your own information, the following is an excerpt from the Stewart Underwriting manual:

Dower and curtsey were abolished inNew Jersey on May 28, 1980 for all property acquired after that date. NJSA 3B:28-2. In lieu thereof, a spouse has a “right of joint possession” in the principal matrimonial residence. NJSA 3B:28-3. In addition, a spouse has a claim of equitable distribution in all marital assets. NJSA 2A:34-23. Although the statutes appear to permit a non-titled spouse to release any and all rights in the other spouse's real property (NJSA 2A:34-23), the case law appears to favor the non-titled spouse when a dispute arises. Arnold v. Anvil Realty, 233 N.J. Super. 481 and Wamco v, Farrell, 301 N.J. Super. 73. The non-titled spouse's “right of joint possession” has priority over all other liens except purchase money mortgages. NJSA 3B:28-3.1. Accordingly, as a general underwriting guideline the company requires a non-titled spouse to join in a deed or mortgage by the title spouse, unless otherwise approved by state counsel.

New Jersey is not a community property state.

New Jersey does not have homestead laws.

Reply by Bill/NY on 11/11/09 8:24am
Msg #310636

Thank you for taking time to provide the guideline excerpt but its as ambiguous as the answer I got from the title company. I think the last sentence "Accordingly, as a general underwriting guideline the company requires a non-titled spouse to join in a deed or mortgage by the title spouse, unless otherwise approved by state counsel" implies 'we don't know, but let's do it to COA'

Reply by PAW on 11/11/09 8:38am
Msg #310640

Ambiguous?

Nah! Just leaving the door open for any and all options.

In all seriousness, I agree with your statement, "we don't know, but let's do it to COA." Seems to fit the situation perfectly.

Reply by ME/NJ on 11/11/09 9:06am
Msg #310648

Non-borrowing spouse on a primary loan "must" sign affs, RTC, Mort, TIL and a few others. Secondary homes it's optional and it's up to the borrower if he or she wants the Non borrowing spouse on the paper work.