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2nd Settlement

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    2nd Settlement

    I have read other threads on this topic, but had some additional procedural questions I had not come across and also hoped for current feedback from others who have successfully and unsuccessfully tried.

    Information:
    1st WF $224
    2nd BOA $25K
    FMV ~ $240K
    Discharged 7/09, current on both 1st and 2nd, did not re-affirm either loan

    If I were to sell this house there would be nothing left for the 2nd after commissions and a couple thousand in necessary repairs. If the 2nd tried to foreclose there definitely would be nothing left after including additional legal costs.

    My questions are:

    Am I dreaming BOA would even consider a settlement considering the above information?
    If there answer to the above question is no, then I have the following questions:

    How many months late before make offer? I will stop paying immediately if feel there is an opportunity to settle.
    Work with local branch or national?
    How much for initial offer?
    Initial Offer - Via phone or letter?
    Do late payment penalties accrue?
    If they accept the settlement and release the lien, does the charged-off amount count as a short-sale or other derogatory item which will increase the time to qualify for a new or re-financed mortgage?
    What is the typical process? Do you have to explain why you have a hardship? Do you have to provide financial info?
    Filed CH 7 3/26/09
    341 4/23/09
    Discharged 7/7/09
    Rental Foreclosure Sale 11/4/09

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