I call them the junior partners. 

Foreclosing also wipes out junior liens such as 2nd trusts and judgments. 

Getting into a financial arrangement with someone who cant make ends meet is never a good idea, nor is becoming a junior lienholder in a default situation.Buying the house (if it makes $$$ sense) is the only realistic option, but becoming your friends landlord sounds like an AWFUL idea.

Only a junior HOA was listed on the disclosure report. 

Lots of options, best of luck to you-Junior  

You take on the loan individually and your partner applies a junior position loan on top, so your partner is a debt investor instead of an equity investor.

@James Wise is the man out in Cleveland Best, Junior

I assume I can't get a junior lien on his construction loan.

Yo also have to consider tax liens as they take precedence over junior or secondary liens.When the home goes to short sale of foreclosure the mortgage is generally not paid in full on the first mortgage, leaving a loss. 

I still help people work on their dreams it is just more through investments.As a new agent typically you will be placed on a team as a junior agent.