EMC DEFICIENCY RELEASES

The typical EMC short sale approval letter states that the lender will provide "a full satisfaction and release of lien of the mortgage"

I interprete the "full satisfaction" in addition to the phrase "release of mortgage" not to be redundant, but to mean the indebtedness is paid in full and the mortgage lien is released.

The proof however is in the pudding - has anyone actually seen EMC release documents (ie: Satisfaction of Mortgage as recorded in the public record)? What exactly did it say? I would like to hear that it says, "full satisfaction of the indebtedness"....

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Replies to This Discussion

Permalink Reply by Ben Benita on July 28, 2010 at 1:41pm

they can and will amend approval lettetr language if you force the issue, and/or go through the legal department.....pain in the butt to do, BUT, it can be done....

Permalink Reply by Scott Edward Langley on September 21, 2011 at 7:04am

9-21-2011.. EMC won't release my client's deficiency, and is asking for a 10% contribution at closing.....otherwise is willing to let it go to foreclosure...anybody else seen this same thing??

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