It looks like I would have to deal with a ton of lien holders and the bank before I could get it and I figure the bank would get almost nothing.  

., no heat in winter, no adequate plumbing) or something minor (the toilet roll holder fell off the wall).Gail

If so, the owners would have to pay the liens with interest and fees as long as the timeframe for payment is still open, otherwise the certificate holder has first dibs.Good luck,Patricia

It seems to me there was/is a basic idea underlying the creation of the rules, that there should still be an opportunity to redeem in the event that the lien/deed holder chooses not to perform quickly.

Lien holder.  

Originally posted by @Parker Cox:Thanks Karl, So if the second is washed away, in this scenario, there is a huge hit being taken on behalf of the banks, which I guess makes sense if they want to just rid themselves of the property but it still tells me that they know something I don't in terms of the actual value...Keep in mind the second lien holder knows when the first chooses to foreclose and has rights to protect their interests.  

It gets it’s name because preferred equity holders have a preferred right to payments over regular equity holders.

In this priticular situation we will be flipping the home so I'm not as concerned about any due on sale clause the sellers mortgage holder might have but I will still go through the formality so I have multiple exit stratugies.

are you James Holder from the Twmple, Texas area?

The seller/note holder?