This is the language of our approval letter:
"Upon settlement of the short sale proceeds, the mortgage loan will be reported to the appropriate credit reporting agencies as "Settled in Full for Amount Less than Owed." To the extent that there are amounts which remain due and owing on your SunTrust account after the sale of the property securing your mortgage loan which are not to be repaid under the terms of the short sale or by execution of the enclosed Note, if applicable, those amounts will be considered a part of this settlement. "
In a verbal conversation, the Suntrust employee stated that the seller needs to pay $10,000 for the deficiency to be waived. By definition, "settled" means written off and balance now at zero. Anyone else faced this challenge with what is written is contradicted by a verbal conversation?
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