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In July 2009 I got my Chapter 7 discharge and didn't reaffirm either the first or second mortgage. I realize the chapter 7 removed my personal liability on both mortgages, but I know they retained their right to foreclose for non-payment. The second lienholder is GMAC and after 7 months of negotiating and non-payment because of a loss of income, they sent me a settlement offer letter. The second mortgage loan balance is 70K and they are willing accept $6900. The letter states specifically upon receipt of the funds, GMAC will release its lien on the property and cancel the agreement. My question is, are they likely to try something shady, like take the money and not release the lien? Will they automatically have their name taken off the property? Should I be aware of anything unusual?