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Agreement Document Question ...


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A friend of mine is about to sign a new agreement with his mortgage company to temporarlly restructure his loan. He asked me to look over the 2 page agreement (which has a very informal appearance), just to give my thoughts.

 

One area in particular stood out to me (please see below) as a little concerning. Can anyone give me some input on what this means.

 

Am I on the right path in thinking that this clause will release the lender from being responsible for any liens that may have been placed on the property such as taxes, mechanics liens or any lawsuits or is this statement for something else?

 

Thanks and have a good one!

 

"you further agree the the execution of this agreement releases ABC mortgage and all employees, successors and assigns from all claims, now known or unknown, related to the loan, the servicing of the account or the postponed foreclosure"

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