In my experience it is best to leave it to the short sale agent or negotiator (whichever one negotiates on your behalf).
I have seen a lot of my clients try to work something out with the bank by offering to pay some fee at closing or to carry an unsecured loan after sale.
If you do a short sale, the first lien holder will approve some paltry pay out to the second.
Typically, the second will have guidelines for what they will accept.
Its not like every short sale negotiator or agent is great (some are quite lousy) but it has been my experience that the bank negotiators prey upon the inexperience of homeowners to get promises and concessions from them.
