Second mortgage question?

I bought a house three yrs ago with no money down. The house is now worth about $ 180k, down from $ 280k. I have been paying all my bills on time but choking in them.
My first mortgage is was modified and sold to a new provider and is at 4.125%. My second mortgage is at 10.25%.
First mortgage is about $ 225k and about $ 820 a month. Second mortgage is about $ 55k and about $ 500 a month.

I have over $ 30k in credit card debt also.

I was advised to try to have the second mortgage forgiven for 1-10% of the loan amount by claiming hardship and mentioning that I’m considering bankruptcy.
If the house is foreclosed they would see no money whatsoever so it might be a good deal for them to get $ 5-7k in a lump sum and write off the rest.

If I could make the second mortgage go away, than I might be able to make payments. I’ll get the money from my parents as long as it’s a reasonable amount.

Has anyone done this? Can someone recommend how I should go about it? Or can you suggest other avenues?


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