How does foreclosure work in second position?

[James Free]

Google the foreclosure implications of being a debt-holder in second position, and you'll find a bunch of articles explaining that if the house sells for less than what is owed, the person in second position gets screwed. What I want to know is, what happens if the house sells for MORE than is owed, and there are two debt-holders.

Suppose there's a first mortgage balance of $100k and a second mortgage balance of $30k, and the house sells in foreclosure for $180k. How is that $180k distributed?