SSP- 10K Promissary Note???????
Short sale Pro--
I'm negotiating a short sale where the lender absoutely wants a $10K promissary note paid by the seller at $100 per month. Are there any potential repercussions if after the short sale I just pay the $10K note for her? there is plenty of equity in this deal and there is a couple who has already seen the house and has lending setup for the purchase.
Thanks--Jim 
I can see no adverse impact upon your silent agreement to pay the Note. Good Deal!
Just take care that the (former) mortgagee agrees to release the Borrower from all liability arising from the original Note upon payment of the $10K.
Articulate the terms under which the all important release is furnished. You might even negotiate a discount if the Note is paid off early.....[ Edited by TheShortSalePro on Date 02/10/2004 ]
Thanks SSP. Great idea on the 2nd. I'm definitely going to give it a try. The only hangup is the investor on the loan wants to speak with the seller directly to make the arrangement. I'll probably need to do a little coaching with her beforehand. Should I charge her for that???? JUST KIDDING!!!!!!
Thanks a bunch---Jim