...Only subordinate / junior liens (that were properly notified if such is required by laws in that locality) are extinguished at sheriff sale.

In fact, for tax sales in PA, the parcel number check is usually best performed first, to see what mortgages can be found (if any); seeing a big mortgage means it's best to move on to the next property on the list.And on a side note, IRS liens can be wiped out at foreclosure of any kind, provided the IRS lien is in a junior position and provided that proper notice is served upon the IRS. 

Basically, which liens are junior to which senior liens.

Junior lienholders can redeem, but much do it very quickly.

Holders of a junior deed of trust (second, third, etc.) should note that if the "wiped-out" junior lien is not purchase money or seller carryback, then the junior lien holder may sue on the note and the borrower on the junior loan may be personally liable.What are the hardships that a bank looks at as justification for approving a Short Sale?

I started working with my dad as part of an internship the summer of my junior year in college.

A battalion commander can supervise 12 junior officers, a squad leader about 12 in his squad.But, Josh, you're right, to hold hands and walk a new investor through a transaction, I wouldn't want more than about 6 in the pipeline.

I want to lend money, and place a junior lien on the property to protect me.

At the very most you could have the seller carry a junior mortgage which they could foreclose upon or have them wrap the existing mortgage.

The lenders release is a reconveyance to the mortgage deed or trust deed.If buying with seller financing then you could either have the seller take a junior trust deed or they could use an AITD.I would rather the seller carry a junior over an AiTD