bank wants home owner to sign promissory note

[Michael Soriano]

I received the following message from a Wells Fargo Negotiator regarding a short sale I am working on.

I received a reply from the MI company on this short sale request. They are requiring the seller sign a promissory note to approve the short sale. The terms would be as follows:

Amount of note - $75000

$416.66 OVER 180 MONTHS, 0% INTEREST

WE WILL NEED THE BORROWER(S) FUTURE MAILING

AND PHONE NUMBER(S) TO SET UP THE PROMISSORY NOTE IF THEY CHOOSE TO ACCEPT.

Please review with the seller and let me know. Thanks!

I let him know that she couldn't pay that much per month & that I would speak to her and see if she could pay around $200. Negotiator reply:

The MI company does not negotiate their requirements. If the borrower is unable or unwilling to sign the required promissory note, we will not be able to move forward with a short sale. Please advise

Does anyone have experience with negotiating these away. Can the home owner after signing the note then negotiate terms later on down the line.