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Lenders WILL work with Investors, as long as there is a Hardship. I do short sales negotiations for investors all the time, and all over the country.
As for the HELOC, the lender has more "teeth" to recover their money then with a traditional second. Since credit characteristics of a HELOC are very similar to credit card, when you default on the note and either short sale or foreclose, you simply de-collateralized the note, nothing more, it is still valid, as you are personally responsible for it. HELOC’s usually require more at closing to settle with the lender.
If you only used the HELOC to purchase and there is no first, then you have a good chance to settle, but I don’t know your specific situation, so it makes it hard to steer you in a definitive direction. If there is a first, then typically they don’t want to give the HELOC lender as much, as the HELOC lender is requesting, so you need to work on them a lot more. Good Luck.