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PNC approval letter... and understand their standard verbiage?

Posted by tanyafranzen on August 3, 2012 at 5:22am in Short Sale Discussions

The approval letter I received this morning states:

"We will prepare and record the Satisfaction of Mortgage / Deed of Trust. We will also report the Credit Bureau "legally satisfied for less than full debt."

There is no verbiage stating specifically that they are "waiving the right to pursue deficiencies"...

I will have my seller take to their lawyer for a legal opinion, however in your experience, is this PNCs "verbiage" for stating the same thing?

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Replies

Smitty August 4, 2012 at 3:36am

The debt is SATISFIED. If the debt is SATISFIED and the seller gets a 1099, there is nothing deficient to pursue after..as it's satisfied. It doesn't say "partially satisfied" right?

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