It's like Los Angeles junior out here. 

I had a realtor that push me off to one of his juniors and it was the worst experience ever.

Typically, a below market value price can be obtained and because the foreclosure process wipes out all junior liens on the property, the title to a bank owned property is assumed to be guaranteed clear and marketable.

@Michael Rosenson, you need to narrow it down, there are performing and non-perfroming, and senior and junior and each has its own rule of thumb, though I love the comment by @David Faulkner ignoring rules of thumb. 

If you purchased a first lien foreclosure (and it sounds like you did) then anything junior to that lien was wiped out.

The university encourages their juniors and seniors to get off-campus housing so that the freshmen and sophomores can utilize the dorms.

Regardless, yes, if you can get such a lien it could be a cheap way to get to a property, I'm still not sold on the leasing arrangements.Having priority means you get first shot at the dollars from any sale, you would still be placing the junior lien holders at a disadvantage if they had to honor an existing lease agreement.And you know that in any foreclosure notice is given to all other creditors, so usually a subordinate (junior) lien steps up and pays off such small liens to protect its collateral security.I'm not familiar with the NV Bill, but are you saying it blocks (or stalls) foreclosures (probably making the process a judicial foreclosure) and it would only apply to mortgage loans and not all foreclosures?

I am considering selling my property to the current renter for a discounted price and carrying a junior mortgage for them.

I do California junior lien position business purpose loans secured by CA single homes .I am looking for an  an Inter creditor agreement between the the 1st Lien  lender and junior lender ,  whereby 1st Lien lender allows Junior Lender  to foreclose and not foreclose Junior Lender  out while Junior Lender is foreclosing.Where can i get a simple agreement stating these terms and other related terms for a new purchase money loan or where i go as a junior lender where there is an existing loan in place.

With the help of a entrepreneurial father I took a year off between my sophomore and junior years to 'start a business' locally.