If the second lienholder redeems, a third lienholder could then redeem by paying the second the amount of the redemption, plus the amount due to the second.But, no, the second or other junior lienholders can't put a lien back onto the property if they don't redeem.

OTH, the payoff is a bit of intelligence that may lead you to an offer, especially if there are other liens involved, a senior lien holder will be squeezing junior lien holders to reduce amounts needed to give clear title, you can see how the game may be played out.

Maybe not a 4-year private college and $80k in student loans, but you could go to junior/community college while working to save enough for that first downpayment.

The situation you're describing is a pretty typical junior lien buyout.

The summer going into junior year I realized my biggest expense of college was my living off campus and associated costs.

Then if there is any overage it goes to any junior lienholders and finally to the homeowner.  

In your state you have to add to this list super-senior HOA dues and junior liens that don't get wiped out if the foreclosure suit isn't drafted properly.  

It depends on what you're looking for, whether it's lower rates, longer length of the loan, lower down payment, faster closing, ease of transaction, flexibility of the lender with wholesale fees and junior lienholders (if you're funding with private money), etc.Keep in mind that lenders also change over time, just like contractors. 

Ask the junior residents if they are interested or know anyone who is.

If his name is Junior, EVICT!!!!