Could an atty negotiate a princ. writedown? (not in ch13)

[Tom_Mi]

All,

We're waiting for our 341 mtg (CH7 non-consumer) and are not reaffirming our house. We took out a 2nd to start a business that failed. Now our house is grossly overmortgaged.

pri + 2nd = 265k (not affordable without the business that failed)

Appraisal last month = 190k. (affordable and desired)

My question is, might an attorney get the bank to do a writedown to the 190k? If I don't reaffirm and walk that's all they'll get anyhow.

[hereforinfo]

Doubtful, especially without a reaffirmation. Once you discharge the debt in bankruptcy, you could just as easily walk anyway after they've spent time and money to modify your loan.