| Need help on short sale approval letter
We just got offered a short sale approval letter. This is for a second and they are offering a one time payment to settle your account in full.
It says in the letter "A reporting of "settled-in-full" to credit reporting agencies may negatively affect your credit score."
Will this negatively affect us? Is this different from "settled in full for less than the amount owed" which I have heard does negatively affect you. If it is different, can they say for "less than the amount owed" if they didn't specify that in the letter?
My agent say she has seen it written both ways in her dealings with my bank (National City) but hasn't seen an actual credit report to confirm.
We currently have perfect credit and no late payments so would like to protect our credit. If this will be a negative, we were thinking about trying to offer up some additional money on our side to get a "paid in full" reporting but don't know if that is necessary.
Help??
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