In a Chapter 7, you would typically either reaffirm (or simply keep paying) the full amount of BOTH mortgages, OR you would stop paying and surrender the property. Unless there are other financial factors (i.e. significant unsecured debt you can't afford to repay) that I'm not aware of, I'm not sure either option would be desirable. Reaffirmation doesn't do much for you (while you could discharge your personal liability on the mortgages, it seems like this is pretty much a non-issue since you have equity in the home). If you stop paying and surrender the property, the Trustee would likely sell your property in a forced sale for well under the market price in order to pay off your unsecured creditors. This is highly undesirable from any perspective.
"As far as I can determine chapter 13 would not help me .. because the value of my property is worth more than the first mortgage and equity line .... thus the equity line could not be stripped is that correct?"
Yes, according to what you've stated, you would have to continue making your regular payments or the house would be foreclosed upon. In a foreclosure sale, you would be unlikely to receive market value for the property, so you would be much better off selling it on your own or through a realtor before it falls into foreclosure.
Unless there are other factors in play here, you don't sound like a very good candidate for bankruptcy (which is a good thing!). Many bankruptcy attorneys offer free consultations, so you might want to contact a local bankruptcy attorney and see if he your she can give you additional insight into your options. Good luck!