SLS (Specialized Loan Servicing) Notice of Default and Notice of intent to Foreclose

[Rubb]

I just recieved this letter via regular mail. My last payment to them was 8/2010. I owe $325,000 on first to GMAC and $71500 to SLS for HELOC. House is worth $270000 maybe. We filed for Chapter 7 in January and it was discharged 5/2010. We did not reaffirm on anything. I read other post's that said if you were under water on your mortgage, the 2nd would not foreclose. My original plan was to negotiate with them and try to settle on a one time payoff. I am current on my mortgage. My question is has anybody had success in negotiating a lower 2nd with SLS and do you think they really want to foreclose.

[keepinitreal]

If your house appraises at $270k I don't think SLS really wants to foreclose. They would have to pay GMAC $325k before they got anything, and that's impossible unless they paid $55k out of their own pocket.