my 2nd mortgage, which has been charged off. I dont have the exact date on hand, but it has been long enough it has dropped of my credit completely. I still own the home, and I pay my 1st mortgage on time, no issues (since my modification was done in 2013).
I see the SOL in colorado has passed for this debtor to sue, or continue to attempt to collect from me. I want to settle the debt, I am hoping they will take a cash settlement for a % of the total balance, in exchange for a full release of the lien. I wrote them a letter requesting this, and received a letter back stating they only negotiate over the phone, then once a settlement is reached, they will provide it in writing. I would love to get this lien released, one concern i have is will it re-start or re-appear on my credit? I would ask this to be part of the negotiation but i dont know if i have the power to technically demand that.
I believe my only other option to cancel this debt may be claiming bankruptcy, and i really want to avoid that at all costs as I have spent the last several years rebuilding my credit. This is my one hold up.
What are my options?
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