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Satisfies the debt.
ClarificationIf 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.
What else can I help you with?
Does satisfaction of mortgage mean clear deed?
Yes. The discharge must be from the correct party (the bank who is the present owner of record of the mortgage) and must be recorded in the land records. It must state that the mortgage has been satisfied or some other language to that effect.
How to get mortgage with an adverse credit?
Think of the bad credit mortgage as temporary solution. Make it short term. This does not mean get a short-term loan, but plan on paying the loan no longer than 2 years before you build up your credit enough to get a decent refinance.
What is the term mortgage offset mean?
The term mortgage offset mean a flexible type of mortgage that allows one to reduce their rates and balance on loans and mortgage debts. This type of mortgage is uses more commonly in England.
What does LP mean in the mortgage industry?
What does LP menas in mortgage terms
What does Nina mean with regards to mortgages?
With regards to a mortgage, NINA is an acronym for no income no asset documentation. In other words, a borrower doesn't have to disclose any information regarding to income or assets.
What is and underlying mortgage?
what does it mean when the mortgage company says they must read the underlying of the mortgage? I do not quit understand what that means.
What does it mean if your name is on the deed but not the mortgage?
If your name is on the deed but not the mortgage, it means you own the property but are not responsible for the mortgage payments.
What does ete-vous heureux d'etre au travail mean?
The phrase "Êtes-vous heureux d'être au travail?" is French for "Are you happy to be at work?" It inquires about someone's feelings or satisfaction regarding their job or work environment. The question can reflect interest in a person's well-being or job satisfaction.
What does the term freedom mortgage mean?
Freedom Mortgage is not a just a term, but is actually a mortgage company. Freedom Mortgage Corporation is a private full-service mortgage lender that is licensed in all 50 states.
Does a mortgage pre approval guarantee a mortgage loan approval?
Pre-approval for a mortgage does not guarantee that you will be approved a mortgage loan. However it does mean that it is very likely that you will be approved when you apply.
What does mortgage mean in a sentence?
A mortgage is a loan secured by real property. Sentence: My sister was able to qualify for a mortgage and purchase her first home.
What does it mean by mortgage prequalification?
Mortgage prequalification is a term used when an initial application for a mortgage as been approved. This will depend on the information your originally applied for a mortgage, and will be further confirmed if you found a home to purchase.
