In the not so recent past a first and second mortgage when purchasing a property was very popular. Negotiating short sales with a second mortgage comes with some extra challenges. These challenges multiply when the mortgages are with different lenders. Add a buyer who will need loan approval and you are walking the ultimate tight rope.
Many lenders policies and procedures have been changing rapidly regarding short sales. We are even seeing banks that were holding first and second mortgages split and become separate entities. Short sales can be tricky simply dealing with one lender.