2nd mortage(heloc) settlement...

[dm415]

I know some of us here are trying to settle discharged (not reaffirmed) 2nd mortages,hows it going,whats the status,I am getting ready to go for this myself,I am going to start buy missing a few payments.Its a gamble,but I think nows the time.....

[PoorGrammyinBK7]

I am at the same juncture (post Bk) - and would appreciate anyone who has had experience negotiating a settlement on the heloc/2nd mtg AFTER C7discharge (not reaffirmed). Do lawyers do this for you? Have you done it yourself? Is it possible? What % could one expect to pay? We will need to refi the 1st in a year, that's why I ask about this. If you try to refi - what happens if you have a lien (2nd) and the house is upside down?

[Stilltheone]

I am another one who is thinking about doing this with BOA/CW with my HELOC. Realistically, we are upside by $60K and my loan with them is $72K. We are ALWAYS late with them, generally by a month, but they don't report, so it doesn't bother us.

I'd love to hear how one would go about doing this. The only problem I forsee if you have to have the moola to settle with them. You can't say "Well, I want my balance to be $5k, but I'll continue making payments", can you? LOL