YUP  the first remains in first.. the wrap is junior to the first.. its does add a level of complication though if the first position lender needs to do a Deed In Lu ..

Stat. 720.385) So if the junior lien holders were properly served, their interest should be extinguished. 

That's what was told to me my junior year of college way back when. 

Despite blowing through all performance projections it was just an endless stream of ridiculous requests for reports and information (beyond what was agreed to in the operating agreement) only to satisfy a junior analyst that probably hadn't stepped foot on a property in his very young life.  

The second lien also means you’re in a junior position if the buyer defaults, so you’ll want to be aware of that risk too.Overall, owner financing can be a win-win, but it’s important to have everything structured properly to protect your interests.Cheers,William

i would assume it's extinguished as well given the junior lien it is

The parcels should give us potential for six homes total between primary, ADU, and Junior ADUs. 2.)

The note seller might be offering a steep discount because, as a 2nd lienholder, they are in a junior position and could get nothing if the 1st lienholder forecloses.

What year in college do most students at Rutgers start looking for housing (sophomore, junior, senior)? 

I took possession of the property.However, there is a mortgage from 2002 and a junior mortgage.