[I'm not a lawyer. All persons in similar circumstances should consult an attorney]
Check out ShortsaleSuperstars.com and look up the lenders involved. There are discussion boards on lots of lenders and scenarios that might be helpful.
If you don't find anything better, I would just put it to the second lender. Here is what is available, what the first lender allows and my client has no other resources as the financial forms indicate. Take it or foreclose and get nothing. The second lender is negotiating and looking for any weakness they can find. If you offer commission, they will take it. I didn't on my last one and got it settled.