I have participated both as major and minority holder.  

Sometimes they had to take legal action and it would take up to a year to recover the money.With the developer holding they simply issue a letter from their attorney or themselves saying why the deal can't go forward and that the contract is cancelled etc. and they get the money back right away.On short sales I would have a stipulation say " earnest money given upon written acceptance of all lien holders approval of purchase price and terms " or something similar.

Some stuff I did to get inside and show you care;The grand welcomes,Ceiling fanNew garbage disposalStrip light under cabinetNew light fixture(s)Under sink storage rack screwed in typeUpper shelf in closet or utility areaOther vistsSanded drawer guideCheck cabinet latches and tightenClothes rod holders screwed inTub enclosure adjustments serviceTouch up paintUse wood tone or white marking pen on woodworkTighten door knobsAdd window latches, wax guides3 in 1 on door hingesFix any dripping faucet, shower head-replace the disk in the headSome things I can remember, but there's tons of stuff you can do.Takes less than ten minutes and keeps stuff running smooth.Best of all, it's one on one time and not about the "business" side, always asking where rent is or reminding them to return the trash cart, it's positive LL time, show you care about how well they live in your unit.

The mortgage does wiped out, IF proper notice was given to mtg holder.

Almost all HOA foreclosures are expected to have a mortgage, and so there will be some other liens just by that.If you are buying mortgage foreclosures and have determined that you are bidding on the most senior position, then you usually don't worry about secondary liens (except that the secondary lien holder might show up to bid to protect their collateral at risk).To determine "good or bad" is simply a matter of being certain that you are bidding on the most senior lien position, with sufficient margins for your profit.

I'll want to see checks deposited in the note holder's account from payments that were made.If it were a note made by a broker with cash, most all of that info, along with an appraisal is in the loan package.

INSTALL 2 TP HOLDERS.

If you are the high bidder on a second, you're now the title holder, not a lien holder.

With an assignment, are you getting your fee at the time of the assignment and letting the new holder to move toward the sale (best way)?

Over 2m in it I believe, it sold last week to the first mortgage holder at 900K!