Florida Palm Beach CountyA friend and I are buying junior lien foreclosures taking the property subject to the existing mortgage, what are the strategies in dealing with the mortgage assuming the property is not upside down and we do not have owner cooperation.Best regards,-John 

It seems the take away is that a senior loan wipes out junior liens.

oh wait - what happened to the rule of senior lien wiping off junior. what if the condo lien is the first lien. and the mortgage is not in default and so there's no bank lien.even if the house is in default with mortgage lien - if the condo lien is first - wont that do the trink.i know it wont - just trying to understand if theres an exception to this rule here?

It also happens when an investor buys at the foreclosure auction, but then negotiates with the note holder to buy the promissory note, also.If there were outstanding junior liens at the time of foreclosure, and the borrower redeems, then all those liens revive against the property.

From my personal experience, almost no lender will do a commercial / multi-family loan at a 90% CLTV, especially if they are in a junior lien position.  

Sometimes there is no mortgage, or there is one but it's junior to the HOA lien. 

A DIL in Alabama allows all junior liens to remain on the property.  

If the HOA forecloses, is it the same as any other junior lien foreclosing?

I am constantly confused when a newly (released this week) released  tape of JUNIOR liens come out and in doing research, the property has a "sold" or "sale pending" when I am on Zillow or another real estate site. 

In doing due dil on a newly released tape of junior liens,  I see several properties on this  that are listed by Zillow as being already sold.