short sale with two different lenders

I am just wondering what, if any, rules of thumb there are for discount on second mortgages? Do I need to ask for less of a discount from them or more? Does it matter to them what kind of discount the first mortgage holder is doing? Also do I have to fill out two contracts, with only the amount offered towards each note? Or does it have to reflect the full price being paid for the house?
Any pointers appreciated.

HAMMER the second… :banghead2

96% of second Mortgages will never redeem there position so they are the best to hit and hit HARD!!

Example- Let me pull a good file to give you a quality example.
Here is one from friday of last week (Yesterday)

Appraised value 315k

First Mortgage 252k

Second Mortgage 63k

We got the Second down to $3,800 and the first to 221k so right at 73% LTV. Not to mention there was also a tax lien of 10k that got released. So this is not a bad deal.

does this help?

Good posts…

Two questions

Is it necessary to relay the info.(amount owed) from first mortgage to 2nd mortgage and vis- versa to the loan negotiator? Im guessing an argument should be made to the 2nd mortgage that they will probably receive nothing if the first forecloses.

Also, the 2nd loan that I am working with is a HELOC. Do I approach this any differently than a normal first and second?

Thanks for the input as always.