Equity Home Loans

Question for bankers with knowledge of home equity loans?

I had an allodial title to my home, which was passed down. I signed a contract with a bank for a Home equity loan. As a condition of the loan the Bank agreed with me that I Did not agree to tax deductions in the Home equity loan; they would not deduct a property tax, no agreement to take it out the mortgage payment; (3) I Don’t have to pay taxes in mortgage payment agreeing I would pay property taxes due to a separate arrangement with Township Tax Office if payments are due. I became surety still under the Home equity loan. The Bank forecloses on the property or Home equity loan for failure to receive payment. The Bank didn’t receive payment because they refused it. Was the bank refusal not breach of contract? There was non-payment of monthly obligations on the loan because they refuse to receive payment because of failure to pay property taxes. The Bank forecloses because Township stated I owed property tax. When I was continuing not to pay property taxes after a while the Bank foreclose on the payment. How did failure to pay property taxes breach contract my contract with the bank? Tax bills are sent out by Township Tax Office, which I refuse to honor. I didn’t have a Mortgage Loan rather Home equity loan. United Jersey Bank breached the contract when they did not receive any payment thus the contract was void. The tax issue was separate. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due, even though the owner may not have received the tax bill. A bill is not necessary to make a payment. There was no court decision that as the person who inherited the home property taxes were due. Under New Jersey Statute it is the property owner's responsibility to make sure that the property taxes are paid when due. Yet how do I owe property taxes? The property was taking for non-payment of Federal Reserve notes.

Public Comments

1. 1) The lender can refuse payments that are delinquent, less than the full amount Due to bring it current or if any other part of the loan agreement is breached including not paying assessments like taxes. 2) the contract you sign (as with all mortgage loans) states that you promise to pay assessments like taxes and associations dues, as well as keep the property covered by adequate homeowners insurance. 3) Yes, if you inherit a property you become liable for the actions on or for the property including paying taxes. If a person slips and falls on the property, the same principal applies Read your bank note, the court will only grant a foreclosure judgment to a lender when it is proven that the consumer has breached the contract.
2. Sorry, I did not read all of the post (put in some paragraphs so it is more readable) but I do know your need an Atty versed in Real Estate to figure out if there was fraud involved in all this mess. Good luck
3. I was once in your situation. Don't worry, everything will work out for you =) A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money. http://www.rent-mortgage-help.org Good Luck!