Is Citi Mortgage Getting Nice?

I have a short sale in process for a Santa Rosa Beach FL home.  The offer is around $200,000- fair market value.  The first mortgage holder, Everhome– is owed $325,000.  The second mortgage, Citi Mortgage, is owed $90,000.

Two months ago, I had another offer on the property.  The buyer walked after waiting for approval for three months.  The hold-up was Everhome.  Citi had granted approval. Their terms at the time were $3000 from the first, and $16,000 paid back from the seller over 84 months at 0 percent interest.

Take Two:  I now have a new buyer for this Santa Rosa Beach house.  The approvals are going much more quickly this time.  Three weeks after submitting the short sale package, Citi has again granted approval.  Terms:  $3000 from the first and NO PROMISSORY note!  I don’t know why and don’t want to ask.  Maybe they “forgot”.  Maybe the negotiator likes me because I asked him about his cold.  Maybe Citi realizes the market value of the house is less than the offer (I found out it appraised for $10,000 less than the contract price from Everhome).  Maybe Citi is getting reasonable.  Maybe they are just getting nice.

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