I have an offer to settle the 2nd mortgage on a short sale for a reasonable dollar amount.
The question is…what am I looking for in the way of paperwork assurance that a deficiency will not be persued?
Is the bank payoff report to the credit agencies standard or is there some wording or reporting code that is better than another ?
Any advice would be helpful.
The bank is willing to settle this account with the owner directly… without a short sale buyer in place.