Suggestions on requesting a 2nd mortgage settlement versus basic loan modification?

[Mathew Thadeus]

I just came out of chapter 7 BK and I am now focusing on trying to eliminate my second mortage.

The house is worth $720k, The 1st is $740k and the second is $340k.

So, the house is currently worth less than the 1st, and the bank (BoA) can't come after me on a defaulty judgement since I eliminated my personal liability in the BK.

It would seem that the bank has three options?

1) Foreclose, pay off the 1st mortgage, and lose even more money.
2) Wait until the 1st lender forecloses and lose everything.
3) Accept a cash settlement from me now.

Or, do they have a better option?

Any suggestions for finding someone at the bank who is empowered enough to look at it this way from a business point of view and negotiate a settlement with me? I can afford to pay 10-20 cents on the dollar now.

Any suggestions for how to start this process with the bank? I don't want to fall into some mindless loan modification loop where they offer me reduced mortgage payments. This is not about making payments it is about it being to my advantage to just settle now or move next door and do a rent to own and save myself $340K on the second.

Thanks for any insights you guys might have!