What happened to the second mortgage, on my first mortgage holders to give a certificate in lieu of foreclosure?

I am unemployed and can not pay the mortgage payments. I have a house on the market, but it will not sell for the amount of the loan. I was the first indication of the mortgage holders (80%), a certificate, thinking instead of foreclosure. If the second mortgage holder (20%) to be able to get money or be able to file a verdict against me as the owner? I live in Arkansas.

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