Im trying to find out what I can do to settle an account I have with Realtime Resolutions. I'm currently in a Ch13 plan and have been able to have them treated as unsecured debt. The loan originated as a second mortgage in an 80/20 through Countrywide in 2006. BAC Home Loans now owns my first mortgage and agreed to modify it after I filed Ch13 to treat the arrearages, but sold the 2nd to Realtime prior to me filing. The problem Im facing at this point is that most of my priority debt has either been treated or paid with the exception of my IRS tax debt from 2008 and 2009. The IRS has now chosen to pursue my wife for our unpaid taxes, essentially back-dooring my Ch13 plan. The remainder of my Ch13 consists of nothing but unsecured debt, which Im questioning as to whether it's prudent to keep paying a significant portion of my monthly income (roughly 25% for another 2 years.
My question is, would it be the smarter way to go to negotiate settlements with Realtime and the IRS to reduce my monthly payents? I just had to agree to a $77/month plan with the IRS to keep them from levying my wife's wages so Im halfway there. It really doesnt help me to pay the IRS from both ends so dumping the 13 really sounds viable at this point. The rep I spoke to at Realtime today said that I basically have two options. The first option would be to modify the full principal and interest amount or settle outright at 15-20 cents on the dollar. The full note was $43,673 so paying a $6500 (15%) isnt really in the cards for me. Does anyone have any experience or knowledge as to whether these guys will finance a reduced principal amount. My thought was that they must be buying loans at 5-10% of their value so why would they be so picky about what they're willing to accept? Would they finance say 40-50% of the principal value? Im just looking for some insight as to what I can feasably propose to them to help get out from under them without compromising my cash flow every month.