Your letter does seem a bit vague. While it talks about the terms of the short sale and the release of your mortgage it doesn't specifically address the note that you signed (which is technically a different document or instrument than the mortgage. Some short sale approval letters clearly state that the lender is retaining the right to pursue a deficiency. Some letters state that the debt is being forgiven or being released. Your letter seems to be in the ever-growing category of vague letters. More and mroe we are seeing verbiage such as "release the lein" or "release the mortgage"
I have spoken to a number of attorneys in both California and Nevada about this topic over the past year. There are different opinions on what lenders might do with these mortgages down the road (hire attorneys on contingency, sell to collection agencies, do nothing?). Most of the attorneys do agree that nobody knows how much of a legal ground lenders will have to stand on until these letters get tested in courts.
Besides for consulting with your attorney I would also ask Chase (or have your attorney ask Chase) if they are releasing your debt obligation or if they are specifically retaining that right (subject to FLA law).
MBA, ABR, SFR, HAFA, e-PRO
Certified Short Sale & Foreclosure Specialist
Certified Government HAFA Program Specialist
CA License #: 01846714 | NV License #: S.0070209
Most banks want the letter signed & faxed back, but some times they do not want a signed copy. Take your attorney's advice before accepting the terms on your short sale approval.
Someone told me in the meantime that because the lender is supplying us with a 1099-C form that this means that they can't pursue a deficiency judgement in the future. not sure if that is true but that's what I was told.
The good thing is that the letter doesn't mention that the bank has the right to pursue a deficiency judgment. But just because the letter remains silent on this doesn't mean it has waived its rights to pursue. You may want to try to get 'waiver' language in the letter, but don't count on the bank doing it unless you have extenuating circumstances, like job transfer or illness.
Coldwell Banker Residential Real Estate
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Oviedo, FL 32765
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