Legal Question in Real Estate Law in Florida

Regarding a short sale. The owner/seller is requesting their lender, as a condition of sale, to give a full release and satisfaction of mortgage and promissory note so they don't worry about a deficiency judgement later. The lender is saying they will, "give a full release and reconveyance of their loan as agreed and no deficiency judgment will be instituted". Is this sufficient to ensure that the matter will be final? Or, can the lender decide that a deficiency judgement will be instituted at a later date?

thanks,

Neal


Asked on 4/16/10, 9:56 am

2 Answers from Attorneys
David Labovitz Labovitz Law Firm, P.A.

It's hard to answer without reading the full agreement, but based on the limited amount of information you provided, that language sounds sufficient.

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Answered on 4/21/10, 10:09 am
Lesly Longa Longa Law P.A.

Maybe, but its hard to say without looking at the contract. Review the contract carefully to make sure they are providing a full deficiency waiver and contact an attorney for assistance if you are still unsure. Regards,

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Answered on 4/29/10, 6:56 am


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