Short Sale - Maybe?

[IOUSeattleWA]

What is the name of your state (only U.S. law)? Idaho

My home is for sale (short sale). I have an offer at $305k but owe my 1st mortg. $351k and HELOC $50k. The 1st lien holder is approving the sale. The HELOC holder is playing hardball and saying pay us the $50k.

My R.E. agent has indicated that the HELOC holder will sink the deal if I don't VERBALLY agree to pay the loan off. At which point they'll send me everything in writing (and not until then otherwise they consider it a waste of their time). My R.E. agent is recommending that I verbally ok, wait for the details to arrive in writing, the matter then gets moved up to a RECOVERY agent and I can then negotiate (many forums are indicating 5 - 10% payoffs).

If the telephone conversation is recorded (I don't know what state I would be calling so I don't know if they need my approval to tape the discussion) can I say ...

"I verbally agree to pay off the outstanding balance contigent upon review of the terms in writing by myself and my attorney?"

I have no intention of paying this whole amount. If I don't succeed in reducing this amount, my next series of questions will be geared towards bankruptcy (I have another $100k+ in business loans with personal guarantees).

Thanks.

[nextwife]

Huh? In my bank, I review and get approval on the short sale, issue the "release letter" stating what we must get to issue a release, and handle the file through payoff and closing.

The title company won't close it if you don't provide the agreed funds. (Oh, and it also goes to me if they go bankrupt.) Why do you presume the loan will go to anyone else later?