Credit: Andrii Yalanskyi/Adobe Stock With No Waiver, Are Residential Borrowers Entitled to a Credit Against Interest for Taxes Paid?
It is this article's thesis that Rosenbaum was wrongly decided: that the credit, unless waived, is still viable. Simply put, why would the Legislature afford borrowers a credit against interest payable on their mortgages that was inapplicable to all mortgages?
April 21, 2023 at 10:30 AM
8 minute read
The new Updated Uniform Mortgage (New Jersey, Single Family, Fannie Mae/Freddie Mac, Uniform Mortgage, Form 3031, 7/2021), mandatory on or after Jan. 1, 2023, does not contain a waiver of the borrower's statutory right to claim a credit against mortgage interest under N.J.S.A. 54:4-33, although all former versions did. (See Weinstein, 29 N.J. Prac., Law of Mortgages § 14.4 (2d ed.) This is a critical omission in the author's view and provides borrowers using the Updated Mortgage with the statutory right to claim the credit substantially reducing their mortgage interest.
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