Hello,
My husband and I sold our home on a Short-Sale. We later found out that my husband signed a promissarry note that he was not aware of at the time which, held us liable for the entire balance of our second Mortgage.
We later negotiated with the Lender's and was sent a Settlement Approval Letter. The agreement was if we paid half of the balance the lender's will accept this as a paid in full account.
The approval letter was signed and dated, balance was paid. We asked for a letter stating that our account has been paid in full. The lender's said that we could use The approval letter as proof. An approval letter to me is not confirmation that the debt has been satisfied. My question is, Must the Lender's send a paid in full letter stating our account was paid in full? Could they not honor the agreement after receiving our money?
What happens if they do not send the letter? Could we fax the approval letter to the creditors?
Although, the agreement states our loan will be paid in full and lien released I would like to have a final letter that states this has been done. What do you think?
