And you may not be liable for taxes on the forgiven debt. Before filing your taxes, make sure you check with a tax professional that is familiar with the Mortgage Forgiveness Debt Relief act of 2007.
Be sure to review your approval letter from Chase and the conditions of the lien release they agreed to. If this is a first trust deed on your primary residence you should have no further obligation. I've had many clients receive invoices and statements from their mortgage holder in an attempt to collect money from the borrower in hopes that they won't know any better and simply pay it.
But to be absolutely sure, you MUST consult with a real estate attorney and a tax consultant so that they can properly review your final documents, agreements and the terms of the invoice or statement you received from Chase. They will be able to tell you if you have any further obligations or not. Not likely that you do. Good luck!
Diane Wheatley, Broker
Happy funding, Rudi