Satisfaction of Second Mortgage

Author Message
Icon Mini Profile gabriela112




Joined: 11 Nov 2009

Posts: 1

1.26 Dollars($)
PostPosted: Wed Nov 11, 2009 9:48 am    Post subject: Satisfaction of Second Mortgage

After a short sale, I received a SATISFACTION OF MORTGAGE/PAID IN FULL document from Bank of America. They still want to collect a balance or settle a balance on Short Sale of Property. Is this how it works?
Icon Mini Profile savior70




Joined: 25 Mar 2009

Posts: 1786
Location: Florida
239.96 Dollars($)
PostPosted: Thu Nov 12, 2009 6:44 am    Post subject:

Hi,

Was the second mortgage paid in full from the proceeds of the short sale? If it wasn't, you are still responsible for the balance on the mortgage. But if the mortgage wasn't paid in full, you shouldn't have received the satisfaction of mortgage document from the bank. Instead, you'd have gotten a 1099 form. Anyway, check the satisfaction of mortgage document carefully, if it says the mortgage is paid in full, you do not owe the bank any money and you should not pay then anything.
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk



DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Website Feedback
Feedback Analytics