I am a young Texas native, and an undergrad (full-time) in my junior year majoring in RE Finance & Development at UTSA.

If the second forecloses, the first is unaffected - the first lien stays in place; but if the second forecloses, the third and more junior liens are extinguished. 

It's the larger spaces junior box up to 10,000 sq ft or larger box that can take awhile.

"starting off only buy foreclosures at auctions when they have only a first mortgage on them. once you get more experienced you can get into junior liens and construction mortgages". 

I lived in Marina Del Rey for a couple years while growing up in junior high, so am familiar with the area and have been back several times since.  

The first would have to agree to pay off negotiated amounts to any junior liens, out of the sale proceeds. 

This is when he would agree to be junior debt- behind the other debt coming in( private money- hopefully lower rates)Now you can get close to 50% LTV loan- pay off debt, have enough for repairs- and give seller a little cash.Other key would be for seller to hold paper with low, low rates or better yet- just a bullet within 12 months-- so your holding costs would not be real high.

The foreclosure/auction will wipe out all junior liens (i.e. the 15k).I bet that the property is way underwater and is not worth 380k.Property #2: A little background here.

When the HELOC forecloses in first position, it will wipe out the 2009 Citimortgage, which is in junior position to the HELOC.

go to a junior college to keep your costs low. why not offer to work for a real estate investor for free (sweeping, menial work) in exchange for him/her teaching the works.my biggest mistake was approving a couple for a renter who was not even close to 3 times the rent. they had always paid the rent on time in the past and always paid me on time - even had $16k in the bank!