Doing a "Short Sale", need advice

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I just joined this board today, but have been reading posts for about a week.

My wife and I are seriously considering a "short sale" of our home. We are behind on our payments and have too many medical bills to catch up anytime soon. My question is:

How does this get reported on credit?

Can I negotiate how it gets reported?

Also, the packet my mortgage company sent me is asking us if we are willing to sign an unsecured note to pay off the difference between what we owe and what the house sells for. Can I use this to negotiate with them on how it gets reported? I don't mind paying the debt off as long as it shows "paid in full" or something like that on my CR.

Anyone have any advice?


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Might want to post this in the Mortgage forum...might get more responses. However I do know one person that has gone through this and it does show as "short sale" on her CR. I've been told that it doesn't have the affect on your CR that foreclosure does, but will definately hinder your next home buying process.

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