NJ law helps homeowners with piggyback loans refi

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New Jersey homeowners with piggyback second loans on their homes  no longer need the consent of the junior lienholder to refinance first mortgages that meet certain conditions, The Star Democrat reports.

A new law, “The Refinance Mortgage — Priority over Junior Liens Bill,” that took effect Oct. 1 stipulates that second loan holders can’t veto refinancings that don’t exceed the outstanding principal on the first mortgage plus closing costs of up to $5,000. Source: stardem.com