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Here’s what happens when our “compassionate” Governor won’t let our courts enforce mortgage contracts.

March 7, 2013

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I’m a lawyer, and a client of mine wants to sell an empty building that is perfect for a certain business.  Someone with the experience and skill to run that business wants to buy that building.       The owner only wants 20% down, and offered the buyer a very cheap mortgage loan for the other 80%.   I was about to prepare the papers. But I had to tell my client that if the buyer stopped making payments, it would take almost three years to get the property back.   New Jersey is the 4th slowest state in the country. That is because Governor Christie is too “compassionate” to let the courts enforce mortgage contracts. My client cannot risk not getting any money at all from his property for almost three years.   Only bailed out banks can afford that.   But bailed out banks charge more upfront fees business loans than the buyer can afford.   The deal fell through. My client has no income from his empty building.    The buyer has no earnings from his business that never got started.    I didn’t prepare any papers, so I got no fee. But we are all paying higher sales, income, and property taxes.   I am running against Christie for Governor in the June 4 Primary Election because we can’t afford four more years of this.    Please download and print the petition at www.grossman4nj.com and help me with the signatures so I can get on the ballot.   Thanks.   www.grossman4nj.com.

 

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