6.19.12 redacted needs watermark aci (sv)
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The document discusses a real estate transaction where the seller owed $315,000 to two mortgage companies but their home was only sold for $114,100, leaving $200,900 in negative equity. The first mortgage paid the realtor commissions of $6,846 and $6,000 to settle the second mortgage, and also paid the buyer's closing costs of $3,400. Both mortgage companies waived the remaining debt and agreed not to pursue further legal action, saving the seller from having to pay anything additional or sign a promissory note. The seller also received $3,000 in relocation money.
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6.19.12 redacted needs watermark aci (sv)
- 1. ACI/Citimortgage-GH Aurora paid Realtor’s commissions of $6,846. Seller did not have to pay Realtors' commissions. First mortgage paid $6,000 to ACI/Citimortgage mortgage to settle the second mortgage. Seller did not have to pay anything to settle the debt to the second mortgage. Seller owed $315,000 to Aurora Bank and ACI/Citimortgage, home was sold for $114,100. Saved Seller $200,900 in negative equity. The First Mortgage, Aurora Bank paid Buyer's closing costs of $3,400. Wavier of Deficiency! Bank will forgive the remaining debt! No further legal collection action. Seller did not have to pay anything and did not have to sign a promissory note. We got the Seller $3,000 in relocation money!