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jeffchaskin · Joined: 15 Oct 2009 Posts: 1 1.51 Dollars($)

I have a Satisfaction of Mortgage recorded in Broward County Florida by MERS in conjunction with a short sale of my property. The language reads as follows:

Know all men by these presents: MERS is the owner of and holder of a certain mortgage deed executed by My_Name to MERS bearing Date 01/01/2005 recorded on 01/13/2005 in Official Records Book OR 412234, Page 999, Instrument # 1112228899 in the office of the Clerk of the Circuit Court of Broward County State of Florida, securing a certain note in the principal sum of $300,000.00 Dollars, and certain promises and obligations set forth in said mortgage deed, upon the property situated in said State and County hereby acknowledge full payment and satisfaction of said note and mortgage deed, and surrenders the same as canceled, and hereby directs the Clerk of the said Circuit Court to cancel the same of record.

Witnessed sealed notarized etc. and recorded.

Is this a release of my note as well as the mortgage? I have no cancelled note, and have not yet received a 1099C from my "lender". They reserved the right to pursue a deficiency judgement in their short sale letter. This sure looks like MERS recorded the note as paid in full and satisfied along with the mortgage.

Thanks
J

jenkin7 · Posted: Fri Oct 16, 2009 2:58 am Post subject:

Hi jeffchaskin,

It looks like your lender has released you from the liability of the mortgage. It also means you have been released from the mortgage note. It is the mortgage note that actually makes you liable for the debt. Thus, once you are released from the note, you are also released from the mortgage. It seems they have filed the satisfaction of mortgage to remove the lien from the title so the house could be sold. But they have not sent you 1099-C because they have not forgiven the deficiency. They would probably come after you for the deficiency or will charge off the debt to a collection agency for recovery.

gmakerley · Posted: Fri Oct 16, 2009 11:28 am Post subject:

their having reserved to right to collect for the shortfall is obviously in contradiction to the language in the release. check that short sale letter again to ensure that they didn't obviate the terms of the release there. they would not have recorded the actual note. the release is a separate document.

be careful, is my overall advice here.

Guest

Jeffchaskin,

I know this is an old posting, but I am in the EXACT same situation as you. We short sold our home in St Lucie County, FL, our lender reserved their right to pursue a deficiency via the short sale letter, but then provided us a full satisfaction of mortgage and note for the full note amount in the recorded satisfaction of mortgage document. I've spoken with several attorney who have conflicting opinions on whether or not this relieves us from liabilty of a deficiency judgment. Did you ever get a concrete answer to this???

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