Question re Debt Settlement Negotiations?

I am about to open Debt Settlement negotiations on a large Credit Card account that has been in default for two years. I know that in general Collection Agencies just want the money and could care less about personal cirstances, but as I propose to them a ridiculously low settlement offer, is there any reason why I wouldn't highlight the fact that a) the proposed settlement wipes out my savings, b) my two mortgage balances are well in excess of the value of my home and I'm considering walking away from the mortgages and forcing foreclosure, and c) because of a) and b) I am also seriously considering filing for Chapter 13? I can very easily doent a) and b) via bank statements, mortgage statements, essed home value, etc.