loans to stop foreclosure

how to address foreclosure with 2nd lienholder?
My first mortgage is in foreclosure and it is unlucky at this point that we will be able to stop it. The thing is, how do we tell the second mortgage holder? We plan to keep paying them as long as possible but we’re left paying a loan for property we no long er possess and we may not be able to keep it up until the loan is payed off.
IF your home sells at auction for more than your first lien, any remaining amounts will be paid to other lien holders in their order of recording priority.
The 2nd loan company may file a suit for a deficiency judgment that could result in ganishment of your wages and other liens.
http://www.forecloseddreams.com/state_by_state_foreclosure_guide
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