Considering how financially vulnerable you might feel when facing a dreaded home foreclosure, receiving a mortgage forgiveness letter in the mail can seem like the answer to all your problems. But as the saying goes, if it seems too good to be true then it probably is. So before jumping for joy, study the letter thoroughly.
Receiving a Mortgage Forgiveness Letter From a Lender is Possible
While receiving a mortgage forgiveness letter might sound like more of a hopeful wish than a true reality, a homeowner facing a foreclosure could receive a letter from his or her lender stating that the foreclosure has been dropped or the mortgage has been forgiven. In this instance, the lender likely didn’t have a strong case against the homeowners and ultimately decided not to make the expensive investment of handling the costs involved in pursuing legal action in court.
This scenario is possible, and the homeowner would receive a letter from the lender letting him or her know that the foreclosure isn’t moving forward.
Checking the Mortgage Forgiveness Letter’s Authenticity is Important
Before accepting any statement made in a letter from a lender as true, it’s important to remain skeptical and have it evaluated by an independent third-party source. If you have received a satisfaction of mortgage from your lender and it’s recorded on public record, then you can rest assured the lender has discharged your debt. Until that happens, you must do your due diligence in verifying any letter’s authenticity.
If you think you’ve received a mortgage forgiveness letter or want more information about how to analyze one for its authenticity, contact a reputable real estate attorney today. He or she will be able to verify that your debt has been forgiven.