I think the Government is currently offering $3K incentive, and up to $5K on junior liens (on government backed loans).  

He's starting to look at colleges because he's a junior in High School. 

As a junior lien holder, you will have rights or equity of redemption which means if you desire, you can pay those amounts due to the foreclosing lien holder which would slide you up in priority and thus be able to include those amounts due under the guise of advancing to protect your interests if the Borrower wanted to then redeem from you.  

Meeting people is done in Grade School, Sales and Marketing is Junior High School, RE is High School, Mortgage Finance is an Associates Degree, Buying Notes is a Bachelor's Degree, Buying NPNs is Graduate School and Compliance/Law is at the Doctorial level.

Why does the guy with $20K need the two junior partners.

I'd say generally yes, but junior liens would certainly reattach if one did that.

While I can agree with all of this, at this point I would much rather be a small investor who does his own thing.I'm a junior in college with limited funds -- if you haven't picked up that vibe already.The idea of investing in raw land or in a mobile home interests me the most but it seems like there isn't much money to be made in that field due to the costs of maintenance, development, etc.

Thomas, at the steps the bid will be opened with the amounts due the first mortgagee, but it could be more if it's a low amount (that's another issues) but you'll know if a second is there as they will then enter their amount due, if you hear someone bidding in $15,263.87 above the beginning bid, that's a junior lien holder.Actually your costs should be minimal compared to a sale, you're nit required to get title insurance but you should for matters shown of record.

But generally any judgment that occurs after the mortgage being foreclosed was recorded, would be junior, and wiped out with the mortgage foreclosure.

We ply address any fees the buyer is expected to pay, above and beyond buyer's normal costs...ie. we Try to nail down HOA contributions, partial payments to junior liens, etc up front.