Short Sale Approval Letter Language

Posted by Don on August 20, 2008 at 13:33:16:

I received my short sale approval letter from Amtrust this morning. It is based on a sale price of $185K on a property that they appraised at $205K. The property is a non-primary located in Florida with no second mortgage or PMI. I spoke to the loan servicing agent this morning and he said that Fannie Mae is not seeking a promissory note. The language in the letter reads as follows. "AmTrust will release the lien free and clear upon the completion of the above six items"
The six items are;
1)Sale price is $185,000
2)Net proceeds to Amtrust must be equal to or exceed $172,844.95.
3)Mortgagor is not to receive any money from the loan proceeds.
4)Closing must take place on or prior to September 15, 2008.
5)Upon closing, the final signed HUD-1 must be faxed to xxxx.
6)Net proceeds to be wired to xxxx.

There are no surprises in the list and the numbers are correct. My question is, does this language protect me from a DJ if all six of their requirements are met? Is there something else from the mortgagee that I should request to cover my a$$?

Thanks,
Don

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