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Regarding a short sale what does satisfaction of mortgage mean?


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Answered 2010-10-22 22:34:42

Satisfies the debt.

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If you are selling your real property by a short sale, you must discuss the satisfaction of the mortgage with the bank. In some situations the lender can go after you to collect any deficiency, even months after the sale. To avoid that problem you should make certain the bank records a mortgage discharge that includes a statement that the discharge is in FULL SATISFACTION of the mortgage. You should consult with an attorney who will help to protect your interests in the transaction.

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