So long as you remain on legal title to the home that you own where there is really not enough equity in it with respect to the second mortgage on it, there really is not much you can do with respect to the second mortgage other than service the property's debt load and hope that the equity in it increases.If you wanted to sell the home in a short sale, then you might be able to get the holders of the first and second mortgages to lower what they would be willing to accept on their secured loans to have the sale go through.