Foreclosure crisis?

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Our home is in foreclosure and to help us save it, my parents want to take out a home equity loan. The thing is the bank gave us a payoff amount of $ 205,000 for both loans ($ 165,000 for the 1st and $ 40,000 for the 2nd). My parents want to pay the 1st mortgage with the loan and we will leave the second mortgage with our mortgage company. I was wondering how that would work as far as the Deed goes? Is it even a possibility? We just want to keep this home and if they were able to do that, it would make our payment very manageable, since we are caught up in the whole sub prime mortgage problem. Any guidance would help. Thanks so much!

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