Do you understand that you must file a Chapter 13 Bankruptcy to eliminate the second mortgage? (For a Chapter 13 the debtor must pay all disposable income to the Bankruptcy court for 3 - 5 years, at the end of which the balance of the second mortgage can be discharged.)
There is no way to get rid of the second mortgage - or even to reduce it - without taking a hit to your credit score. I deal with this issue all the time, so I am sure of this fact, and I do wish it were otherwise.
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