Professor Mark S. Scarberry of Pepperdine Law School and Robert Zinman of the American Bankruptcy Institute have created a comparison chart of the three present competing bills dealing with home mortgage modification in bankruptcy.
Right now, a debtor may be able to discharge or strip away a second mortgage on a personal residence only if the 2nd mortgage is 100% unsecured. An example. If the home is worth $200,000.00, the first mortgage is $150,000.00 and the second is $30,000.00, the second is fully secured and not discharged. If the Home were worth $150,000.00 or less the second would be completely unsecured.
These bills are geared to allowing the mortgage(s) to be stripped to the value of the home whether or not the loan is completely unsecured.
You can see the chart here.