If the lien is fully enforced resulting in a payout, the buyer of the partial gets made whole first, then the holder of the back end of the note gets made whole next. 

In the next downturn, a lot of mortgage holders  in Baltimore will be selling foreclosures for roughly 50% of their value now.

Old tax liens;What happens to all the older tax lien holders when a property is again owned by the state due to non payment of taxes. 

Inspections, application fees, and your deposit (which I assume the escrow holder would return).

I have 2 other mortgages and they informed me that their policy is not to be the third lien holder.

Ideal time for long term holders to invest but cash flow will suffer.If you do opt for BFE rentals, I recommend properties where tenants can park an 18 wheeler or have horses and trailer without flack from city/HOA.  

This was a good strategy for me because, like mentioned above, I'm a long-term holder and it works.

Not all highly rated school districts are profitable for flippers, or cash flowable for holders. 

For instance, our IRA holders that are performing rehabs or development can use our free online bill pay to have checks sent to vendors. 

However, the forms are primarily intended for use by real estate license holders, who are generally required to use these forms.