Settling on my 2nd Mortgage with CITIMORTGAGE

[Joel Fraser]

I rejected the Loan Modification suggested by CitiMortgage on 2nd Loan. After almost six month they came back with a very minor modification to my loan from 8% interest and principal to 6% interest and principal. Basically my payment will be 1100 instead of 1500. I told them this is ridicules and I can not afford it as they have my package. My request is to reduce it to 2% interest only and I gave them my hardships and financial status.Short sale is my next option, if they do not modify it to 2% or I suggested finding an investor to settle with them. The Citimortgage asked me to send a commitment letter stating how much I will be willing to pay for the loan; knowing that if I go to short sale they will end up with nothing.Any rule of thumb how much I should offer them and anyone knows or has a template of the commitment letter? Thanks, Dean