I'm a junior in high school who plans on going to college(I have a shot at a substancial scholarship), and am interested in real estate and investment.

@JUNIOR NELSONHi Junior, and thank you.I purchased my property in 2011 as a pre-foreclosure and totally remodeled it.

Junior became the reason the rent was late. 

There is often more flexibility in modifying the loan when working directly with the note holder, regardless of it being a senior or junior lien.

HOA debts and junior liens are the biggest obstacles.  

@Don Konipol  agreed  deed In lu cash for keys restructure are all better alternatives for me as when I was lending than foreclosure.. the only times we had to foreclose was when we needed to extinguish junior interests.. or the borrower just went dark and left us no choice.In our reality which was fix and flip loans for sfr's I don't really recall anyone doing a BK on us.. usually not enough equity to make it financially feasible on their side.. but in a commercial loan environment I can certainly see that .. dealing with more sophisticated borrowers who could use the BK environment as a negotiating tactic..

Running short of cash could jeopardize a project completing.You could structure to have heirs carry a junior mortgage for a short period and give them a piece of the propfit in lieu of interest.

Junior running a lemonade stand on the corner does not sponsor stuntmen jumping out of space balloons, Red Bull does not design massive advertising campaigns around Christmas, the CEO of Coca-Cola doesn't pour out every serving of his product and serve it with a charming, gap-toothed grin.

It seems that even the 'junior lenders' are starting to fall victim to some of their practices. 

Check with a real estate attorney/title company to verify, but......I would assume the UCC lien holder was named and served in the foreclosure auction and was wiped out as a junior lien holder.