Should being in a junior position simply be a deal breaker for me?

I think you answered your own question.. either way as a hold or beneficiary of the note. if there is this TRUE equity.. the only way you tap into it is a DILa public auction will 99% chance get bought 3P  and you would simply be owned what ever your note called for plus costs. balance would go to junior lenders or creditors and if none then the owner.

It made no mention of the loan mod as a junior lien it just say the sellers new loan principle, interest rate, length of term, his monthly mortgage and escrow payment.

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

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.

I'm currently a junior in college and looking to get a hands on experience in the real estate industry.

I suspect these may be junior liens or HOA's Or they are just so artificially low as to crate a bidding frenzy..which is kind of soup de jour these days.. start asking price so far below market you get 50 bidders and sale price goes for higher than market once everyone is in a frenzy

I'm a junior at FL State University and I was curious about purchasing a vacated gas station and flipping it.  

But, even within that highly desirable ISD, there are 3 elementary schools, 2 junior highs and 1 high school that are head and shoulders above the rest.  

Vikram,James is correct regarding the notifications; those second lien holders (actually ANY junior lenholders) have "collateral at risk" and are required to be properly served notices, or else the forclosure can be challenged.And you would be correct when you guess that the second lien holder can bid the total of the first and their second liens; since they hold that second, they only have to come up with enough cash to deal with the first lien.