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Mr Zimmerman was helpful and kind and prompt . He always answers his phone and that is refreshing . I will be using him for my bankruptcy in the future. He is one of the good ones . He is an outstanding attorney who truley care . He made ev...
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Mr. Zimmermann is a fantastic bankruptcy attorney who handled my case with care, efficiency and urgency. We were able to beat a judgement against me in the nick of time, and I truly feel a sense of relief due to the services of Mr. Zimmerma...
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This Lawyer will go above and beyond for you. As well as show tremendous empathy for those who are vulnerable and scared. His compassion to help civilian's shows through his actions and with his word. When he says he is going to call he cal...
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I’ve worked with Mr.Zimmerman on two different legal issues. In both instances he was fantastic! He is extremely knowledgeable and compassionate and able to breakdown a course of action into language anyone can understand. I would highly re...
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I highly recommend Mr. Zimmermann as an attorny. I recently purchased an investment property and boy was he helpful. He was easily available, very clear in explaining various concepts, laws and regulations, and provided very helpful tips o...
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- posted: Feb. 11, 2026
Rocketing home prices in New Jersey mean that mortgages have grown increasingly larger. Over the past few years, interest rates have been higher than they were before as well. One method homeowners have used to spread out costs and satisfy loans more quickly is to make multiple payments within a month.
With a semi-monthly schedule, borrowers aren’t compelled to gather the funds needed for one large bill. If you have the resources to pay biweekly, this not only means lower individual payments, but by sending half of the monthly rate every two weeks, you make the equivalent of 13 monthly payments during the course of a year. This means that you can bring down the principal you owe and shorten the time it takes to repay the loan.
Given the potential advantages to borrowers, some financial institutions have prohibited homeowners from sending in payments on anything but a monthly basis. However, changes to the New Jersey Residential Mortgage Lending Act (RMLA) give borrowers in good standing the right to make biweekly or semi-monthly payments. This law applies to all mortgage agreements competed on or after November 1, 2025. Another provision in the law states that homeowners now have the ability to make unscheduled principal payments without incurring a penalty. Guidance issued by the state’s Department of Banking and Insurance encourages lenders to extend these benefits to existing borrowers as well.
The amendments also place a renewed focus on transparency for escrow accounts, which are used to collect and hold funds for property taxes and homeowner’s insurance. Under the new requirements, lenders must clearly disclose how escrow accounts are managed, especially when an escrow analysis results in adjustments to payment amounts. Rising property taxes for residential real estate in New Jersey often lead financial institutions to hike what a homeowner must pay each month. Insurance premiums have also risen significantly in many areas. Now, lenders have to detail the reason for increasing the escrow obligation.
The Law Offices of James C. Zimmermann handles real estate matters and mortgage modifications for New Jersey clients. Whether you’re looking to close on a home or seeking to adjust what you pay your lender each month, we can help. Please call 973-764-1633 or contact us online for a free consultation. We have locations in Vernon, Wayne, Pompton Lakes, Hackensack and Nutley.
