Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

What is the legal % amount the mortgagor can charge the

Customer Question
mortgagee on late fees in...
what is the legal % amount the mortgagor can charge the mortgagee on late fees in a given month
Submitted: 2 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 33 minutes by:
2/25/2016
Real Estate Lawyer: Lucy, Esq., Lawyer replied 2 years ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,264
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

New Jersey law allows a mortgagor to charge up to 5% of the past due payment as a late fee. When a mortgagor charges more than that, the NJ Homeowner's Security Act of 2002 provides that the homeowner may sue for the excess amount charges, punitive damages, plus attorney's fees. Here is a summary of the act:

http://www.nj.gov/dobi/division_consumers/finance/hoa03summary.htm

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Ask Your Own Real Estate Law Question
Customer reply replied 2 years ago
is it the past due amount or the principe and interest?
Real Estate Lawyer: Lucy, Esq., Lawyer replied 2 years ago

The late fee is a percentage of the past due amount, not the total owed on the mortgage.

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,264
32,264 Satisfied Customers
Experience: JA Mentor

Lucy, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

11,960 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,254 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,100 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,540 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
Bankruptcy? How after a foreclosure is a homeowner allowed
Bankruptcy? How long after a foreclosure is a homeowner allowed to stay in their home and move their possessions in the state of Texas? Facts: My home is owned by a single asset company that is being … read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
818 satisfied customers
I live on a community street that the homeowners are
I live on a community street that the homeowners are responsible for all of the upkeep and maintenance of the street and common areas.. We do have a homeowners association. It is a small gated communi… read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
12,171 satisfied customers
Homeowner gave a 10' easement to sewer district prior to the
Homeowner gave a 10' easement to sewer district prior to the placement of her home on the lot. Builder placed modular home on lot resulting in home being on four feet of the easement. The remaining 6 … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
I have a homeowner's association question. Our homeowner's
Our homeowner's association is still developer owned - there are no residents on the board. The association has been turned into a "club membership" and amenities have now been opened up to the general public. The developer is being sued by mother, and amenities are now under lien due to this loss in court. I do not want to continue to pay dues as I believe the funds are being mishandled - so need to know if I can do that. … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
Can a HOA initiate foreclosure if a homeowner refuses to pay
Can a HOA initiate foreclosure if a homeowner refuses to pay a fine or his annual dues. … read more
Jessica B
Jessica B
Juris Doctor
1,291 satisfied customers
What is the legal definition of homeowners dues in a
What is the legal definition of homeowners dues in a homeowner's association … read more
Jessica B
Jessica B
Juris Doctor
1,291 satisfied customers
What is the law in Cobb county if a HOA has a homeowner who
What is the law in Cobb county if a HOA has a homeowner who has not paid and the fee is now over $2000.00 can we foreclose?\ … read more
KLAW
KLAW
Juris Doctorate
2,185 satisfied customers
I have been a homeowner in a recreational development for
I have been a homeowner in a recreational development for the past 4 years where we have been renting out our home for short term vacation rentals for the past 3 years in accordance with the covenants… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
For the recall, how can the homeowners know how many the
For the recall, how can the homeowners know how many the secret ballots the management company or the Board will mail out, and how to verify the number of secret ballots mailed out. And how the homeow… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
In Ohio, a homeowner owes the mortgage banks $144,000. 3
In Ohio, a homeowner owes the mortgage banks $144,000. 3 Judgment Creditors - credit card creditors - have liens attached to the property of $35,000. One non-mortgage creditor “junk debt buyer” of a f… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
Can a homeowner record or hire someone to record a monthly
Can a homeowner record or hire someone to record a monthly Homeowners Association meeting in Florida? Not a condo association... a townhome community that follows chapter 720. What notice has to be gi… read more
Lucy, Esq.
Lucy, Esq.
Lawyer
32,264 satisfied customers
What is the possibility of a homeowner being successful in
What is the possibility of a homeowner being successful in claiming adverse possession of land which was owned originally by the party that I purchased my property and this area has been maintained by… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
DO an HOA have the right to have homeowners paint the
DO an HOA have the right to have homeowners paint the exterior of their home just due to fading of paint … read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
818 satisfied customers
Is it lawful in the stae of sc for an homeowners to trhanfer
Is it lawful in the stae of sc for an homeowners to trhanfer ownweship of a condominium building with many unites to their ownership so that they can control the water bill. They transfer my condo wit… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
My question is in regards to homeowners associations for a
My question is in regards ***** ***** associations for a maintenance provided community. There are by-laws and covenants and then there are rules and regulations. In the community in which I live, the… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
Can a homeowners association deny a homeowner's application
Can a homeowners association deny a homeowner's application to plant trees within his property borders because it has a drainage easement where the trees will be planted? … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,960 satisfied customers
I just had a loss due to water damage. The homeowners
I just had a loss due to water damage. The homeowners insurance covered it. Will I have to pay income on the money the insurance paid me and will I need to claim it on the tax form? … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,047 satisfied customers
Missouri homeowner files damage claim with insurance
Missouri homeowner files damage claim with insurance company, and, receives $150,000. Insurance check is written jointly to homeowner & servicer; signed by homeowner and sent to servicer for deposit. … read more
LegalGems
LegalGems
Juris Doctorate
12,269 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x