Results 1 to 4 of 4
  1. #1
    Join Date
    Apr 2013
    Posts
    2

    Default What is a Certificate of Satisfaction

    I had a short sale close in North Carolina a few months ago and I looked up the deed today and it states the following:

    "Satisfaction of Security Instrument Deed Only"

    "The undersigned is now the secured creditor in the security instrument identifies as follows:
    Type of Security interest: Deed Of Trust
    Original Grantor.......My name.....
    Original Secured Parties : JP Morgan Chase
    This satisfaction terminates the effectiveness of the security instrument."

    So does this mean they will pursue any deficiency judgment or that they will not pursue a deficiency judgment or do this have nothing to do with a deficiency judgment.

  2. #2
    Join Date
    Mar 2013
    Posts
    17,936

    Default Re: What is a Certificate of Satisfaction

    In a short sale the bank approves a sale price that is less than the amount owed and waves the balance of the amount owed.

    That means that the bank won't pursue a deficiency because there is no deficiency to pursue.

    If you sold your house on a short sale then you are home free (pun intended).

  3. #3
    Join Date
    Apr 2013
    Posts
    2

    Default Re: What is a Certificate of Satisfaction

    So Chase will not pursue for the deficiency and will eventually send out a 1099-c?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: What is a Certificate of Satisfaction

    As jk pointed out a while back, sometimes a waiver of the deficiency is not a negotiated part of the short sale - check your contract.

    1. Sponsored Links
       

Similar Threads

  1. Payment and Satisfaction: Satisfaction of Judgement
    By Joanmckillip in forum Civil Procedure
    Replies: 1
    Last Post: 01-27-2011, 07:33 PM
  2. Legal Malpractice: Lawyer Has Not Represented Us to Our Satisfaction
    By tanishadk in forum Malpractice Law
    Replies: 1
    Last Post: 07-08-2010, 08:15 AM
  3. Service Providers: Cancellation During 30 Day Satisfaction Guarantee
    By hybrid24 in forum Consumer Law
    Replies: 2
    Last Post: 05-06-2010, 09:27 AM
  4. Payment and Satisfaction: Satisfaction of Judgment
    By bobbishobbis in forum Civil Procedure
    Replies: 3
    Last Post: 09-29-2009, 08:56 PM
  5. Payment and Satisfaction: Satisfaction of Judgment
    By beef_stewie in forum Civil Procedure
    Replies: 2
    Last Post: 10-21-2008, 09:30 PM
 
 
Sponsored Links

Legal Help, Information and Resources