Bankruptcy And Deed In Lieu

[Tomo]

I am realtor in New Mexico. A client of mine decided to file bankruptcy and asked me to take her home off the market.  She has a first and second on the property.  The second lien holder contacted me and inquired if I would list the property for them.  The second lien holder planned to contact the owner and her attorney and ask if owner would do a "deed in lieu".  I am confused about how a deed in lieu and bankruptcy works jointly, if that is possible.  It's my understanding the second lien holder would like to obtain the property(buy out the first) and then list it with me.  If they can accomplish that, they will be able to recover a higher percentage of their investment, rather than have the first foreclose on the property, tie it up, incur attorney fees, etc.  After that is all done, the "second" would probably only receive a few thousand $$$.

Can the second lien holder pursue this course of action?  Please advise, Thank you,