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Judson-
Thanks for your reply. Since the beginning, the second has acknowledged that they'll get wiped out if this goes to auction. The property is worth about $480K; the first is for $360K, which is what the first's appraisal came back as. The second is for $120K. I offered them $15K, but they won't even counter until they see a firm commitment letter from the first. The first has sent me an unofficial counter at $360K, which I faxed to the second, but, alas, the same answer. They want an official commitment letter from the first.

Important to mention, the first's principle is $360K, but with all costs, they would have to bid $430K at auction, which nobody would pay, so they'll own it. I wouldn't mind buying it as an REO, but I feel a keen obligation to the borrower to stop a foreclosure for him.
Any ideas will be appreciated.
Jerry in Illinois

I've put together a very complete and professional short-sale package, and sent copies with all docs to both the 1st and 2nd lien-holders (who are each big lenders). But my problem now is that both say that they cannot accept an offer until THE OTHER gives a commitment letter first. Nobody is willing to go first! What can I do?