What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?

I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.

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How can I get a loan on a house or trailer?

How can I get a loan on a house or a trailer or a town house for no payment down. My husband and I are looking into the possiblity of getting a loan and how do we get the $ 8,000 from the government?
Please don’t advertise to me. I want to know what are the best banks in harrisonburg, va area to get a loan.

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