Fulops have at least $1.5 million of debt with BCB Community Bank on Jersey City, Rhode Island properties
Deed records which went public last week in Hudson County and Narragansett, Rhode Island, reveal that Jersey City’s first family has at least $1.5 million of mortgages with BCB Community Bank.
Last month, on Real Jersey City reported that Jaclyn and Steven Fulop, Jersey City’s first family, purchased a home in Narragansett, Rhode Island, in an apparent cash deal for $820,000. According to deed records which went public on June 14, 2018, in Narragansett, the Fulops now have a $650,000 adjustable rate mortgage on the property.
Deed records reveal that the $650,000 mortgage is with BCB Community Bank and has an initial interest rate of 4.75%. According to the adjustable rate rider on the mortgage, “the interest rate on the Note shall be adjustable and subject to change daily based upon the Wall Street Journal Prime Rate as published in the Wall Street Journal” and the interest rate will never be less than 4.75% – which is called the Floor Rate.
The mortgage document recorded in Narragansett is dated May 29, 2018, which was eight days after Real Jersey City initially reported on the purchase of the Rhode Island property. Additionally, a “corrective warranty deed” dated April 30, 2018, was also recorded due to “typographical errors in the property description” on June 14, 2018, in Narragansett.
It has also become apparent that BCB Community Bank is the bank of choice when Jersey City’s first family is looking for a mortgage.
Though the Fulops initially got a $616,000 mortgage with Investors Home Mortgage when they purchased their Ogden Avenue home for $845,000, it didn’t take long for them to refinance with BCB Community Bank.
According to records obtained from the Hudson County Register’s Office, a little over a year after purchasing their home in the Jersey City Heights, and approximately two weeks after Mayor Fulop dropped out of the Governor’s race, the Fulops refinanced their primary residence for $900,000 with BCB Community Bank.
Furthermore, an adjustable rate mortgage for $650,000 was recorded on the deed for the Ogden Avenue property on June 15, 2018, with the Hudson County Register’s Office (HCRO). The mortgage document, which identifies BCB Community Bank as the lender, is also dated May 29, 2018. It reveals the Fulops have a current principal balance of $879,133.00 remaining on the $900,000 mortgage and have a payment obligation of $5,217.00 per month.
What’s unclear is if the Fulops have $1.5 million or $2.15 million in mortgage debt with BCB Community Bank.
The uncertainty is due to the fact that the mortgage recorded on May 29, 2018, with the HCRO, identifies the Ogden Avenue property as collateral – not the Narragansett property. As well, the records indicate the $650,000 mortgage as secondary and inferior to the original $900,000 mortgage.
Of note, a notice of settlement for a mortgage commitment was recorded on May 4, 2018, with the HCRO, but includes no specifics other than the legal description of the Ogden Avenue property.
Also of interest, as of May 29, 2018, both the Jersey City Heights and Narragansett properties have “assignments of rents” agreements attached to the deeds. All of the deed records for the Fulops since 2015 were handled by Nuco Title Agency employees.
Real Jersey City did not seek comment from Jaclyn or Steven Fulop for this story. For the record, the Fulop Administration has instituted an “ignore” policy for this journalist. That said, the Fulops are more than welcome to respond with comment to clarify any uncertainties or offer corrections.
I appreciate that @JC_Gov Public Safety Director James Shea is getting straight to the point, but, for the record, I do write very polite emails to @KimWallaceJC. #JerseyCity pic.twitter.com/VWTJKPs0gf
— Real Jersey City (@RealJerseyCity) March 4, 2018