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What happens when 2nd mortgage forecloses first?

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We're in default on both mortgages and plan to let the house go (we no longer live in it and were trying to do a short sale which didn't work out). The junior lienholder sent us a pre-foreclosure letter today which seems to indicate they'll be pursuing foreclosure before the senior lienholder. What happens if they go "first?" Will the senior bank see the info then file themselves to take "lead" on it, or does it matter which of them files first? I know the bank(s) will be taking the house at some point - I'm just wondering what happens if the 2nd mortgage holder files first and trying to get an idea of what might happen and how long it will take to happen. The house is way underwater, so there's no way the junior will actually get anything from the sale, so I don't know what their hurry is, but it's not up to me to know their reasons.

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