However, per civil code here, trustee sale overages here go to 1) pay the foreclosing trustee fees, 2) to pay the lender on the foreclosing lien, 3) any JUNIOR lien holders.  

I posted not too long ago with a few questions about getting started in RE for someone who is going to be Junior at university and I appreciated all the insightful responses.

Try to not go into debt maybe to go a state school or finish your first two years at a junior college to save $.

@Junior SaltersI did discover they were relying on automatic approval process and not paying attention to rental and job history.  

Veronica, be aware that when you consider buying any junior mortgages or liens that the first mortgage note principal balance, accrued interest and all other sums due for it would have to be paid from the foreclosure proceeds upon confirmation by the judge before the second lienholder gets the first dime, and so forth for thirds, etc.

:roll: And clearly junior colleges just aren't what they used to be...

My understanding is that a tax lien will wipe out majority of junior liens, except for say IRS debt. 

I'd suggest you take a financial analysis course at a junior college or other.

Because seller financing is “junior” to bank financing, meaning in the case of bankruptcy the bank will get paid out first, they understandably want to know what they can do to maximize the chance they get paid in full.

State laws will cover the rights of junior lien holders so if you buy seconds, know the laws.Again, being a RE Broker, you can easily carry back commissions as a second and if you're half careful, you do fine, even if you sell the note all you did was take less in commissions. :)