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I am behind on my second mortgage/home equity line of credit. The creditor informed me that my account is now a charge off. I have been making monthly payments for 7 months. The creditor told me my options are to offer a settlement, pay in full, or continue making payments. The charge off status won't change unless it is settled. They told me if I wanted to proceed with a settlement that I needed to submit a settlement offer to them and they will review it. Can I use a standard format debt settlement letter found online and submit it them? Will I be able to keep my house since I am current on my first mortgage? What taxes ramifications will I face? Are they able to pursue a lawsuit in the future? How long will it be on my credit?