If so, then after the HELOC is recorded your co-owner can record a junior deed of trust to the HELOC in exchange for their equity position. 

The seller purchased the house with two mortgages (senior and junior).  

I'm just trying to make sure I can get a good process down to make sure I am definitely bidding on a 1st and not a junior lien.Included example ad below.  

Hello BP,My name is Ronald, I go by the name Junior.

Junior partner 16 YEARS.. and they play the Junior partners whining plea for lessor sentence.This advance pay for DUE DILIGENCE game has been around for years and years..

@Nat ChanLesson learned.. its really very simplethere is a saying at least I learned it mid 70s   and that is FIRST IN TIME  and to follow that is RACE to the RECORDERS office.any debt that is JUNIOR  recorded in TIME after the foreclosing instrument is extinguished.With exceptions of course of Super liens and those you need to check on your state as they are state specific.

I'm a junior at the University of Louisville, studying political science and going through Army ROTC.

When they do, we'll sue the borrower as a sold out junior".

Short sales get denied for a variety of reasons....price, inadequate POF/preapproval, junior liens can't be negotiated, owner doesn't qualify, etc.

Once you move from junior agent to agent to assistant director etc. the split usually gets better over time.I am the principal broker with my own company so I offer a more boutique and heavily driven customer service relationship where you are not just a number among the masses for the big boys.