 Sharit & Deliyannis, P.C.
 Law Firm 201-488-6338 Sharit & Deliyannis, P.C.
Attorneys at Law |
 Release of Mortgage, Lien and Outstanding BalanceWhat's the difference? It's not as simple as you might think. These three terms often arise in situations where you are working on closing a short sale or finding an alternative solution to paying off your debt owed to a lender. This may be a foreclosure, a bankruptcy, or one of the many other potential options available to you in times of financial hardship. So, how can you decrypt this financial lingo and understand what you're getting? Let's see... First, let's talk about a 'Release of Mortgage.' This is a simple matter where you received a certificate from your lender stating that your loan has been repaid and there is no longer a mortgage or any associated obligations or responsibilities. You have successfully fulfilled your end of the bargain and the matter is complete. Next, we'll review a 'Release of Lien.' This is a little more complicated, but it essentially releases a property (real estate) from an applicable mortgage. In other words, they release the property in question, but you are still obligated to repay the remaining balance on your loan. Finally, we have a 'Release of Outstanding Balance.' This is often found when conducting a short sale. The lender declares that what you have paid is sufficient, and that are you are absolved of any additional debt from the mortgage. You will have no outstanding balance and no obligations to make any additional payment. In other words, you're 'even.' For a free consultation about a New Jersey property tax appeal, call Sharit & Deliyannis at 201-488-6338 or email: info[at]sharitdeliyannis.com Sharit & Deliyannis, P.C. |