I was the unfortunate victim of the Housing Bubble and FIled for a Shortsale in July 2010. My Mortgage had a 1st and a 2nd. The first was with BofA and the Second was with Navy Federal Navy Federal was unwilling to negotiate because Bof A was not going to give Navy Fed its fair shale of the reduced sale. THe only way was to agree to a promissary note which I signed for 26, 000. This is much less than the amount owed previously 69, 000. It had zero interest and required 140/month payment. This was fair by me considering how much I was forgiven and I just wanted to cut my losses and start over. Well I made my payments each month but upon checking my Credit report 6 month later when I tried to get an auto loan I noticed that Navy Fed was still reporting that I owed 69, 000 and had to pay 600/mo. I complained that this was inaccurate because I technically owed much less than that at lower payments. The response I received from the loans department was that the 69, 000 would remain on my credit report until I paid the Promssary Note (26, 000) in its entirety. I have gathered my Documents and I am currently disputing this with Experian and soon the other two reporting agencies. The response I also received is that the board is looking out for its credit union members. Considering I am a member and did not take equity out and squander it I thought they would play fair but it seems that they are more interested in punishing me. When I see the end result I should have just left the keys and ran. At least this way I would not have had to pay the 26, 000 !