I am usually the junior lien holder when I initiate my foreclosure.

This is in Arizona, where HOA liens are junior to mortgage liens (deeds of trust), which are senior.  

Holders of fractionalized interests in the same deed of trust share lien priority rights as to other junior or senior lien holders, but not as to each other.As "co-tenants" or holders of interests in fractionalized trust deeds, they don't necessarily have any priority (to the extent of lien priority rights) over each other.  

You had to be careful about buying junior liens because a foreclosure by the first lien holder could wipe out the investments by all the junior lien holders.Check how it works in your state, but if it is the property you want and not just the note, foreclosure may be in your best interest.

Hi Sandy,Well the amount is negotiated between the senior and junior lienholders, or by the buyer and the lienholders.

So I bought a junior lien and got the payoff and reinstatement amounts.

As to contracts, all contracts, of any kind are state specific in the U.S. especially real estate contracts.Being passionate won't make you much money, unless you're passionate about learning.When you were in school, did you begin in junior high school or did you begin in the first grade? 

Once it goes through the FC sale, aren't all the junior liens wiped out?

I'm currently a Junior in college pursing a useless degree in Acting.

@Bobby Holley here in Oregon its very tough for deals @Michael Moikeha as Michael alludes to its not Georgia were I could fly into town and snag 3 nice deals in a weekend LOL  ( cash in pocket of course)First off NO hard money lender is going to go into second position on your proposed deal so forget about that.. not sure why no one has mentioned that yet.And if you don't give a capital partner enough juice its hardly worth the effort I would never do this deal on a % basis for only 3 months.. make a whopping 1,500 bucks or so who cares about the APR your a one and done investor  not worth the thinking about it and the due diligence. .. given the risk that you may not really know what your doing and I could get wiped out completely since I am in a junior position...