What happens to my 2nd mortgage home equity loan in a short sale in California?

I am currently under short sale proceedings in CA. My first has agreed to the terms but my second, which is a non-purchase money loan, is requiring me to sign a promissory note at a reduced balance. The second has agreed to reduce my balance by 65% and payable interest free over 20 years. Should I sign? I believe the alternative to not signing is a foreclosure initiated by the first. Need help fast. Thanks for reading.

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