2nd mortgage sttlement offer to home owner. Need advice

[HL2000]

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.