If you tell us who the 2nd lender is, that will help us give you advice of chances of success.
Some lenders are easier to get approved than others.
As long as you have an experienced listing agent on the other side, you should have a 90% chance of success.
Keller Williams Realty
Best of Luck,
Century 21 Tenace
Statistically less than half of all short sales get approved the biggest reason being the Seller themselves don't qualify. The other primary reason is there are multiple lien holders on the property and one or more refuse to accept the deal for any number of reasons.
Good Luck, it sounds as if you may be in the 50% category of successful short sales.
Only lenders are repared to address their level of motivation which frankly..... often doesn't make good business sense.
As the buyer, it's out of your hands, for the most part. Let it be that way and trust that your agent has conveyed the information that's pertinent to your case to you properly.