Am I doing this the right way?

Hello! My current situation is this; We owe 153,000 on our first mortgage and 50,000 on the second. The second was charged off and sold to a different company over 5 years ago. We have kept up our payments to them monthly all of this time. We have had some new issues arise in our family and want to settle the debt. We offered them 30% in exchange for the removal of the lien. They insisted on financials and so they were provided to them as they wouldn't even consider it without. Our financial situation doesn't look horrible now but will soon. I did note that on the hardship letter but am wondering if anyone has had to deal with anything like this. I should also note that the house is only "underwater" a few thousand dollars. If they deny the settlement can they come after us any differently since now they have all of our information? Our debt to income ratio is still around 80%. Help!