I just got off the phone with a Citi mortgage negotiator again. Citimortgage is the 2nd on this short sale- They are demanding 14K at closing and sellers sign promissory note for 20K with zero interest. I informed them the 1st will only allow 10K at closing and sellers are not in any shape to have take on additional payment for promissory note...Has anyone encounter this scenario with Citi mortgage?.
I have Keji. I think it has to do with type of second mortgage, investor on loan. They must think seller has means they are not disclosing, and that sellers will recoup income in the future, thus the note. I bet they will negotiate somewhat.
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