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What is a Satisfaction?

April 26, 2017satisfaction

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What is a Satisfaction?

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A Lender may agree to accept less than it is owed as complete and total satisfaction of the note and release its lien against the property. Advantages: Your note and obligation to the Lender are satisfied for less than you owe. When the property is sold, the debt is paid off completely. Sometimes Short Sale negotiations are successful in obtaining a satisfaction. Sometimes all that can be obtained is a release.