Short Sale Superstars - Over the past 2 years this site has been a great resource of information for me during my short sale with Chase. I closed my short (seller) on 12/31/11. Today I received a letter from Chase - Release of Mortgage. This says that Chase has received "full payment and satisfaction of the same, and in consideration therof, does hereby cancel and discharge said Mortgage."  

The cover letter says they have forwarded an original executed Release of Lein to the recorder's office..

Am I correct is thinking this is a good thing... Thanks..

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Dan,

 

That document (without looking at it) is probably just the relaese of your mortgage from the property. If you are asking if it is a complete Personal Release of Liability from the the mortgage, then that language should have been in your approval letter from Chase at the time you closed your short sale. As always, when inquiring about the personal release of libility from the obligation when doing a short sale please consult an attorney. I hope this helps!

 

Phil

Phill,

 

Thanks for the note... 

Dan, Do to the mortgage settlement act or is many of us know it as the Robo signing Fiasco, The lenders get credits against those billions they were fine when they do principal reductions or discharge of credit but the sneaky lenders are taking credits for things such as short sales already closed. Here in California when A short-sell is executed the sellers or borrowers as they be at this point time really don't have too much to worry about as far as capital gains taxes or deficiency judgments, everything on the books Is basically relieved of any obligations.
Read the article here, http://actvra.in/KX4

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