Here's a recent short sale that settled with Bank of America being the first trust and BB&T being the second trust. Here's the summary.
Banks: Bank of America (first trust), BB&T (second trust)
Days for Approval: Bank of America - 90 days, BB&T - 92 days
Hardship: Loss of job
With second liens, many times the account will go into recovery department if the account is 180 day delinquent. Some are easy to work with but others can be really difficult if it gets sent to collections attorney.
Here's the demand letter from Bank of America.
Here's the BB&T short sale demand/approval letter.
If you are considering a short sale, call for a private consulation. Direct number is 703-662-1466.
