My question involves a foreclosure in the State of: California
Hello,
I filed bankruptcy chapter 7 in dec 2008.
My house is worth about $400k. I owe $440k on my first with BofA. I owe $190k on my second with GMAC.
I understand that although GMAC has a lien on my house, I have no personal responsibility to repay the loan. I was hoping that this might give me leverage in negotiations to settle this debt.
Does anyone know how to go about negotiating. I was hoping to settle for 10 to 20%. When I called them they wouldnt talk to me because I never reaffirmed the loan. I was thinking that I would be willing to reaffirm the loan for 10 to 20%.
Also, Will they foreclose on me?
And, does my loan continue to gain interest. I have been told tghat it will not. I cannot afford to pay it and have stopped making payments.
Thanks so much.

