The problem is..............
That you need a principle reduction, and the investors on the firsts are not willing to do that at this time......whether or not they will in the future is anyones guess. The only option out there currently that offers this is the H4H (Hope for Homeowners), which is a refinance program through FHA, but for this program your HELOC would have to be willing to release it's lien and extinguish the loan and this would need to be the principle residence and the only home that you own.............to see if that is a possibility you would need to call the servicer on the second and ask if they are participating in the Hope for Homeowners program.
Also try NACA and see if they may be able to help as they do work closely with the investors on
CW loans.........
www.naca.com