I have still had ones at $14,000 recently, but also had to be used to pay junior liens.

They would only do that IF the borrower filed a chapter 13, filed a motion to lien strip a junior lien, was successful in that motion, and completed the chapter 13 and got their discharge and THEN notified the lender to reconvey the title back to them.

Usually, this is because they found some title issue...last one I saw they failed to name the junior lien in the foreclosure, discovered it 3 days before they were scheduled to close on the sale of the reo.

Not really much of an incentive for the junior to cave in.

I'm currently a junior in college and am looking for a different part time job that I can hopefully carry out through college and into the beginning of my career.

Here junior liens have the ability to pay you your winning bid and take the property. 

The town is very small, 2500, with a junior college (enrollment 750), hospital and mining/quarry/oil/gas industry.

Quote from the Deed"The Fifth Third Bank agrees that it will postpone and make junior and subordinate in all respects that a certain mortage by Jeff Smith on May 27th, 2008 for the amount of 108k records in favor of a mortgage executed by Jeff Smith by US Bank for amount 206k.

Sellers can potentially extend credit to buyers to make up the difference: The seller can carry a second or "junior" mortgage for the balance of the purchase price, less any down payment.

The senior can modify all they want as long as they don't record a new lien, without approval from the junior.