I know an owner in the same position now. The 3rd is private. The house is BPO valued at 300,000 which is VERY incorrect---I think its worth 225,000. and the three loans equal 303,000. The 3rd would be insane to foreclose and they are just waiting to see how it all works out. The 2nd started FC but the 1st had not. This was all after 12 months of no payments by the owner. The owner had been trying for a loan mood with the first and second, which was why the let him go so far out. The second lied and kept 'losing' the paperwork and many other nasty things, than filed and served him with a sale date. The 1st was of course notified and then also filed with a date one month later than the 2nds date. The 2nd didnt want to have to pay the first so they 'unofficially' decided to hold off and watch the 1sts sale. Owner tried to have them hold so he could sell it, which would have wiped the 3rd out. The 1st was 181,000 and the 2nd was 57,000 or 238,000 total. The 1st actually wanted to but the 2nd, thinking its worth 300,000, changed their mind about waiting for the 1st sale and re-started their sale, wanting to FC on the prop and sell it at a profit. The owner is filing chpt 13 to stop the process.
In your case MUCH more is needed to offer an opinon. Without knowing what Id need to know, the best thing to be said is you need an ATTORNY! Get one asap.