Going to roll the dice and attempt to settle the 2nd....

[DEBTCHAINS]

First mortgage with Chase, we owe 527k. Second, with BofA, (part of 80/10/10, we didn't take any money out) is 60k. Recently spoke with realtor in our area, says our place worth 500k maybe. Closed Ch 7 BK last summer, stayed in house, but its' still just too much. We're either going to rid ourselves of the $430 a month second, or walk.

Question, do we email Bof A NOW, and let them know we want to settle their uncollectable debt, or do we wait a couple months and wait for them to hit us up on what's going on? We've stayed current, and this July will be the first time we won't be making a payment.

[DEBTCHAINS]

No opinions? I think we're going to miss a few payments first. I know they can't collect on it, or shouldn't be able to bug us, due to the BK. After a couple months, I'll inquire about settling. My only concern is market prices going up and making out house close to flat on the 1st. However, it doesn't seem like that's happening, the market sucks and keeps going down.

[HHM]

Probably wait a few months to let the missed payments sink in.

I wouldn't really worry about prices going "up".