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Assuming a home equity line of credit?

Recent divorce has left me with two loans.  The value of the property is equal to the loans.  First is $410k (4.25%) 30 yr conv,  Second home equity loan is around $300k (3%).  The bank has sent me paperwork to do loan assumption of the 1st (which I can do/afford) however they are not willing to do this on the 2nd.  I can't refi (consolidate into jumbo) or do another second without paying 4-5% on second.  Wife wants out from under and I can't seem to find a cost effective way out of this mess.  Any advise appreciated.  thx.  Cs
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September 17 2012 - Bend
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