settle or not

[paulf8]

well finnally got an offer to settle on my second mortgage from GMAC for 11000 on 140000 ,one of my credit cards will settle for 11000 on 70000 dept,chase says ther take 50 percent on 40000 still have about 60000 left of credit card dept that havent even called me its been 6 months since i defaulted on them all ,Even with these great deals still not worth doing due to tax liability i need all this dept to file chapter 7 if i take the great mortgage deal i wont get a chapter 7.No one filed suit on me yet thats what will force me to BK them all my first mortgage is 70000 underwater the good thing is I still have a great paying job,So the longer i can hold them off the more money i have I figure it will take a least another 6 month if they tried to take me to court to get a judgement,I have to say this has been easyer than i thought.I live in massachusetts a very liberal state What would you do in my shoes

[StartingOver08]

If you can get GMAC to release the lien for the $11k and not sell off the rest of the debt to a JDB, then that is an excellent solution for your second mtg. So far you are the first posting I've seen that has been able to get rid of their second for less than 10 cents on the dollar, so that is great news. The hard part is getting them to release their lien. Without the lien release, its not worth doing.

[paulf8]

ya they said theyed release the lien,Still might want to just file chapter 7 and get rid of it all.I actually need the second to show enough dept to file a chapter 7,possible tax problems also