Own a 2nd, First is foreclosing, what are my options?

[Sandy Uhlmann]

While in the process of initiating FC on a second mortgage, I was scanning Netronline and noted that the first mortgage has recorded a Substitution of Trustee that recorded in front of our SOT.  I assume that this means that unless there is some delay, the first will beat us to FC?  If so, what options does the second have? (Has equity)  At this point, I assume that working with the borrower won't help unless they can bring the first current or work something out with the first?

-Bring the first current, FC and either work something out with homeowner or rent or sell the house to pay off the first?  Will the first actually accept a check from the second? 

-Buy at FC auction 

Are there other options available?

Thanks in advance.