Hi chazkeepahoma,
Welcome to the forum finally.......and thank you for joining......
The only information we know as of yet about wiping away second liens or HELOCs is here in this thread..........and it will become much more prevalent if they pass the bankruptcy cram down laws allowing the judges to implement this in the Chapter 13 bk preceedings.
Discussion: Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy
without this your rate on the first is low and the investors on firsts have not been willing to reduce principal balances thus far..............we have seen principal forbearance which takes a portion of the principal from the front end of the loan and places it in a balloon payment on the back end of the loan, that would be due if the home were refied or sold............then they amortize the payments on the reduced principal.........
this type of workout has not been offered much though............I think we have seen two or three so far on the forum..........but if something like that would help you..........you should see if it is an option.
You can call
CW and see what options the investor on your loan has and ask about a principal forbearance..............or consult with a bk attorney about the Chapter 13 bk to strip the second lien and see what they say...........or wait and see if the cram down law gets passed..........if it does it should be fairly soon after Obama gets in..............and then make a decision from there.................
CW
1-877-643-2788
Keep us posted on your progress..............