CW/BofA Promissory Note at 0%?

[CashCow]

Wanted to see if anyone has gotten a short sale done with CW now that they are BofA to see if they requested you sign a promissory note? Trying to get a mod done on my primary residence through EMC still and a short sale done on an investment property and today I get info that now that CW is BofA they most likely will request a promissory note.....wanted to see if anyone has encountered that and what they did??

I mean technically wasn't my original mortgage in essence a promissory note? I promise to pay my mortgage lol and now I am not? If they didn't get to pay my mortgage and now I need to short sale due to a hardship why would I want to sign a promise to pay down the road when I will no longer have the property?

I wonder what the legal ramifications of this are and how is it upheld?

Please weigh in with any thoughts and how this went for you

[kuehmary]

I assume that your short sale will not cover the full amount of your mortgage. The promissory note that they want you to sign is for the amount left over. They expect you to pay that amount and apparently it is legal. I read about it in the WSJ (I think).