Help, post bk7 settlement offer not accepted?

[lrprn]

I just hope to extinguish the 2nd since my home has depreciated nearly $100k.

You cannot strip a second mortgage in Ch 7. Mortgages can only be stripped if you file Ch 13.

Forgive me, but I have to say some things that are going to be hard to hear.

From what you've told us so far, it sounds like you are desperately trying to keep a house that you cannot afford to keep on your current incomes. It's time to sit down and have a hard discussion about what trying to keep this house is doing to you and your family. A house is only a thing. Things can be replaced. What can't be replaced is your family's peace of mind and ability to have a stress-free, joyful life together.

If you would decide to surrender your home and start over fresh, after two years of on-time payments with the increase in your credit scores, reasonable FHA home loans open up to you. You won't be without a house forever, just for a few years while you get your financial house in order.

It's not the end of the world to walk away from a house that will continue to drag you under financially for many years to come. It's not likely to recoup the current $100K loss in value for a long time, if ever. You could sell it and still end up owing money on it.

Do you truly want to mortgage your family's financial future and peace of mind to a house?

[jwmc1]

You cannot strip a mortgage in a Chapter 7