Hi @Johan Yang,Your broker should be able to send a junior agent to an inspection on their behalf.

Know your max, don't get emotional, don't fall in love with a property, don't bid on a junior lien unless you know its a junior and you know the payoff on the senior, don't walk up to the property with a drill and a new set of locks the day after the auction, budget for an eviction and cleanout, buy low and sell high.

Let's say you are able to find a buyer who can't get bank financing and is willing to pay a higher interest rate to buy off market and have a junior lien (and if you're unfamiliar with the area or how this works, you may have a hard time finding those people, especially without a realtor).

If the 1st is foreclosing, all junior notes get swept under the rug UNLESS you can buy out the senior position.  

If the lien is discharged from the property John still owes the amounts due, it is just a lien on the property any longer.If the buyers choose to take title subject to the lien the lien retains the right to foreclose those junior interests until the lien is discharged by being paid or voluntarily released.As a buyer you would want to clear title to the property thus forcing John to deal with the lien.  

Do you know if there are other junior mortgages, liens, judgments, HOA debts, etc.?

Hi Tory,If you will be lending and securing the loan out of state, the law of the state where you are securing the loan would most likely apply, but I'm sure there are exceptions to this.I would think that you need to check for the laws in Massachusetts also.In California and in other states, but not all, you must be a licensed to secure loans with real estate, there are probably exceptions to this rule.If you secure loans with real estate in California with a licensed broker, the loan is exempt from usury laws, again, there are exceptions to this rule like lending less than 30k in senior position (or less than 20k in junior position) and there is something that attorneys talk about regarding charging an unconscionable rate but that would be getting way too detailed...Another important consideration is that if the proceeds of the loan are used for personal use or if the collateral will be owner occupied, then that triggers a bunch of other regulations, this is why most hard money lenders only lender for non owner occupy business purpose.

You could start with your first two years of school at a junior college, and then finish at a university. 

A partial exemption will be given to certain junior liens which are associated with housing assistance loans for low/moderate income consumers.

@Pari Thiagasundaram  lost note is no big deal like Dion said. other wise they have no note to sell right.. if they lost it what are they selling  :)  there is probably a LNA which should sufficecrap I lose notes all the time .. at one time I had 400 HML s out... were I was the bene.. bound to lose one  :)  not sure then why anyone would sell this note with such a small balance  unless it was subordinated and its really a very junior lien