It seemed like forever, almost 7 months to the day, but we just received the offical ss acceptance letter. I have a question though regarding our March mortgage payment:
We are scheduled to move out on Saturday, March 13th and we’re going to closing on Thursday, March 18th. It would make sense if we have to pay a pro-rated amount for the days that we’re still in the home for March. My realtor had pointed out that the final approval letter and HUD 1 numbers are written up and calculated without the March mortgage payment included in it and the approval letter states that:
“Upon settlement of the short sale proceeds, the mortgage loan will be reported to the appropriate credit reporting agencies as “Settled in Full for Amount Less than Owed.” However, please note that prior credit and payment history related to this account cannot, by law, be changed. To the extent that there are amounts which remain due and owing on your SunTrust account after the terms of the short sale or by execution of the enclosed Note, if applicable, those amounts will be considered a part of the settlement and forgiven (i.e. taken as a charged off loss by SunTrust). There will be no further collection activities associated with any such ‘forgiven’ amount.”
So what are we supposed to do in regards to our March payment? We really need the money in order to move out and relocate, but we don't want to screw up our future preapproval mortgage options by missing or paying late because we have never been late or missed any payments. Does anyone have any information on this?
Thanks!
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I also, just got two approval letters from Suntrust today.
The letters include the same language as above for my second mortgage, but for the letter for my first mortgage is a little different:
1st mortgage letter: if applicable, those amounts will be considered a part of the settlement
2nd mortgage letter: if applicable, those amounts will be considered a part of the settlement and forgiven (i.e. taken as a charged off loss by SunTrust).
Basically: they deleted the last part (the part after settlement)
My questions are
1- What do they mean by "If applicable"
2- Are they forgiven my deficiency for the first Loan ?
Thank you
Pablo
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