What Is The Difference?

2 Replies

@Josh Oaten , the 1st, 2nd, and 3rd indicate the priority. In other words, if there was a foreclosure and the property sold for less than the total of all the outstanding liens, first the 1st lien would be paid in full, then any leftover funds would go, in order, to the remaining liens. There are note investors in both spaces (although there are very few 3rds, at least in the U.S.) who each state with vigor that their space is the best to invest in. There are pros and cons to both. Hope that helps.