What Happens to Second lien if first accepts a DIL?
If a first lien is in default and rather than be foreclosed on, all parties agree to a DIL, is the second lien extinguished as if it had gone through a full foreclosure or does it still exist? If it still exists, I assume that the owner of the first lien has to come to some agreement with the second before clear title can be conveyed if the plan is to sell the property?