Need help with collection agency

I have only a first mortgage. It was in the foreclosure process but it was canceled. The house was never foreclosed on and the mortgage was charged off and has been sold to a collection agency. I have been seeing lots of people settling their 2nd loans for low amounts and I was wondering if I could try and get a settlement for cheap with my mortgage. The house is only worth maybe $25,000 but needs double that in repairs.

I am trying to figure out a way to draft a settlement letter. And with my loan being sold like 7 times and it is now with a collection agency I am not sure how to word a letter. Any input on my idea would be helpful. If anyone else that has settled a 1st mortgage collection could chime in it would be helpful.

To whom it may concern:

I am writing this letter in hopes of coming to a settlement. I am in no position to pay your first settlement amount as I only work 56 hours total every 2 weeks.

At this time I am writing to offer a settlement for 4% of the current outstanding balance. If the offer is accepted the lien at (address of property) would be fully released. In addition I would like the assurance that the forgiven balance would not be sold off to another collector and that no one else could come after me for payment attempts.

Additionally, I have consulted an attorney on my options of chapter 7 bankruptcy and it is a viable option for me.

I personally, want to make a good faith effort to pay Veripro Solutions the 4% that I am offering.

I appreciate your consideration to accept my proposal for settlement. If you accept my offer, please send written confirmation to my address listed above. Once I receive your written confirmation, I will mail payment to your organization within five business days. If you wish to discuss this settlement offer, I can be reached by mail at address above. However, please understand that I will not make any payment until receiving written confirmation that you accept my offer.

Sincerely,

Should I change any of it or add to it? Thanks in advance for any help.