still current with MORG. but not for long BK?

[buz2004]

here is my situation,im current till 5-31-09 then it goes past 30 days.ok here is the situation 1st morg w/cw/bofa6.625%$410,000.2nd w/bofavariable 4.8%153,000.comps around this track 405,000.to430,000.i called for a refi on 1st told me the comp value at 390,000.cant help,but they did offer on my first a buy down pt thing which is 4.9%add 25,000.on top of my loan it would drop payments 500.a month.ok here my c/c bills 45,000.total looking at this in a nutshell what is the best approach to attack this?i would like to here if anybody is close to my situation,and what approach u took and give me outcome results or pending.the way i see it alot of usecured debt bk!!reason my own business truck driver work pay cut on my lanes,my own inc.