The CEOs of four major banks - Citigroup, JPMorgan Chase, Wells Fargo and Bank of America - have been approach by House Financial Services Committee chairman Barney Frank, D-Mass. The purpose of this communication is to encourage them to work with the Treasury Department to address second mortgages that have become an obstacle to modifying troubled first liens. These four banks hold $452 billion of second mortgage.

Rep. Frank says many investors are willing to accept losses on principal writedowns to prevent foreclosures. But, unfortunately, these seconds have become a "principal obstacle" to the majority of modifications. "The second liens in many cases are not worth anything," Rep. Frank said. "At the point at which they acknowledge it, the bank's capital could be negatively affected," the chairman said. Rep. Frank said officials at Treasury, FDIC and HUD are trying to figure out how to deal with the accounting issues.

In continued effort to help those struggling to keep their houses, they also are exploring incentives - such as giving second-lien holders a stake in the future appreciation of a property.

One key issue to remember here, is that if you're having difficulties, check with a mortgage lender to see if there are options you haven't considered or may not be aware of. There are a variety of programs - one which might be a great fit to address your specific needs.