How does a lender in second position recoup in a fire sale?

[Brian Sorensen]

I'm talking to a lender who is concerned that if he seller finances and if I bring in some hard money for the rest that the hard money lender will be in first position and he will be in second position. If he is in second position and the deal goes belly up for some reason, how does he get his money back or does he get his money back?

Who sells the property? Who determines the selling price of the property?

Thank you!