Is it likely for 2nd Mortgage to foreclose?

like so many people, i have two mortgages and i'm underwater. first mortgage is bofa at 156k; 2nd mortgage is gmac at 68k. i asked a realtor friend to do an appraisal and she said possibly 185k. when i do the math, my home has no equity and is 39k underwater. i filed chapter 7 bk in summer of 2009 and never reaffirmed either mortgage. but i continued to make voluntary payments to both, never missing a payment. i know that i can just walk away without mr. deficiency balance chasing me down. but i stayed in the home simply because i did not want to uproot my family. well, because of loss of income, i can no longer afford to pay what i am paying. i had to stop paying the 2nd mortgage 1 month ago. i tried to negotiate a settlement with the second offering them 4k from a savings plan. they would not accept. i have been calling them once a week, making the same offer but still no luck. in this type of situation, is it likely for a second mortgage to foreclose? if foreclosures cost on average about 40k, wouldn't they be losing money? i am preparing my family and myself to just leave here if we end up with an eviction notice, but i would rather stay. it seems lke they would just rather spite people and lose money than accept at least some type of offer and cut their losses somewhat. does anyone have a similar situation? would the 2nd try to buy out the 1st if the first is current? i realize exact answers are all in the future, so if anyone has past or present opinions, i would appreciate it. i'm just trying to get an understanding of what a 2nd mortgage company might do in such a situation.