The reductions would be up to the investor as well...........some offer small reductions on seconds......but it would seem that the investor on your second does not have that as an option and is only willing to do a rate reduction.
For the H4H program you can not have the second lien............it would need to release and extinguish.
The options from Fannie Mae mostly reaches out to homeowners that are in severe hardship and facing foreclosure because the rates are already down to what the market rate is.............that is as low as they go for rate reductions. They do have the option of extending out the term years...........but again they are working with customers that are in default by at least 60-90 days.
Have you called NACA to see if they may have any options for you also?
click on the link for more information..........
NACA