[Porsche-O-Phile]

Here's a question related (this gets me thinking):

Say someone gets foreclosed on, but they have one or more liens on the property. Wouldn't the holder of the mortgage(s) get paid out first and then any lienholders out of what's left?

Because the amount likely to be netted from a foreclosure would almost certainly be less than the $$$ amount necessary to cover the mortgage(s) AND the amount of any liens, who'd be standing holding the empty bag(s)? My guess would be any lienholders (plus the mortgage lenders would likely have to eat a partial payment on their original loan, etc.)

Far as I know there's no direct recourse against the former property owner for this - or is there?

Reason I'm asking is I want to understand the details of foreclosures a lot better. These are going to be the new "gold mine" of opportunities in the coming months/years. . .