"I received a confidential note from a firm claiming that they can eliminate my second mortgage. I am inclined to believe them because the value of our home is now less than the amount of the first mortgage. Is this an opportunity or a scam?"
The answer to your question is not clear, but the misinformation in the note they sent you suggests a need for caution. The note says "that your second mortgage ...may be eliminated due to a significant decrease in property values in your area..." In fact, the decline in the value of your home does not in any way eliminate the second lien on your property, or your legal obligation to pay the second mortgage.
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