Hi everyone,I'm a junior lender on a property, and my attorney is advising me to buy out the first lender so that I can foreclose on the property myself.

I am a 20 year old college student at Purdue University, currently completing my 2nd semester of my Junior year.

So the problem is you wont be able to source the down payment as coming from the seller (most likely), but you can certainly add as many junior lienholders as you like, after the fact.

I sure there is more but I am equally sure its quite rare.. reason is all the junior liens that got wiped out in the sale reattach.

Gap funding or junior position funding is highly risky. your team has no real money in the deal..

Some lenders would raise the 20% with private investors through PPMs or unsecrued notes bank does not allow junior loans.

In addition, a DIL does not automatically satisfy the underlying mortgage/DOT so if you accept a deed from the DIL grantee you may find a title insurer will require a release or sat of it before insuring.We have often used a “friendly” foreclosure instead of deed in lieu when we needed to “wipe out” liens junior to ours before taking property title.   

I have been branded as just no-fact Cryer to undermine my valid experience based on technically of junior partner, old company etc.

Hey Bigger Pockets world,I am currently a Junior Finance student at Loyola Marymount in Los Angeles.

Unless of course this person you lent money to divulged that the loans were junior position or if he said they would be recorded and were not.