. - Loan modification won't help much in my case because they only able to either xtending 5 more years on the term or lower the interest rates or both.- Short sale is a joke: almost zero chance?.

@Scott Smith@Joseph WhitneyTruly not trying to swipe at Scott or lawyers in general here, but it shouldn't be a surprise that an attorney that works on drafting LLCs and operating agreements and profits from their involvement, would advocate a direction that necessitates their involvement. 

Trying to find out if anyone knows a source for a HELOC or line of credit for a home 5years out of BK (champter 7) with a HAMP modification in February 2016.

However if an independent tax consultant has a feature to double check and make modifications that would be great.

It is generally harder to evaluate if those modifications were a good idea or not.

@Shahriar Khan did you have to do a build out or any major modifications?

My first offer would be #1 with these modifications: Take the 4% OF for 1 year, make the pmts. on her 175K with $0 (zero) down.

They did a loan modification in the past so they actually have a very low mortgage payment given the size of the debt at $1900.

Get a ‘Loan modification’: The bank will take the unpaid principal balance plus the interest payments you missed & give you a 40 year loan.

If the owner wanted to sell the property for $50k he would have bring $156k to the closing table or get a loan modification(good luck with that).