Language On SS Approvals
We have 2 SS approvals (different prop) with the foll language:
Chase: This letter will confirm our acceptance of the short payoff on the above referenced property. We agree to accept the proceeds generated by the $140,000.00 'as is condition' purchase as full and final satisfaction on the first mortgage indebtedness on the above referenced property.
We will prepare a release of lien and send to title company for recording
** Release?....Should this be satisfaction?
American Home Mortgage Servicing Inc. has agreed to accept a short payoff on the above referenced
account, contingent upon the following terms and conditions.
** Short payoff? ... No satisfaction?
I dont want them to chase the homeowners for difference
You are correct: one is FULL pay-off the other is NOT. There will be a deficiency left on the table for the 2nd approval. A short pay-off is not a full satisfaction and unless you call the negotiator and have him or her explain the approval.
Is this short-pay off a FULL SATISFACTION?