We are not seeing pandemic forbearance turn into a foreclosure wave, and the foreclosures that do happen are overwhelmingly properties that were already in distress before the pandemic. Forbearance terms were unusually forgiving. Many servicers moved the missed payments into a silent second lien through a partial claim, or reduced the rate and balance on the first loan, so borrowers could resume normal payments instead of owing a lump sum. Delinquency rates have stayed low by historical standards. On subject-to and wraparound deals: they were common decades ago, when home prices were low enough that a buyer could step into an existing loan with only modest cash. Two things make them rare today. - Most loans now carry a due-on-sale clause, so the lender can call the balance when title transfers, and second-position lenders are reluctant to sit behind that risk. - Sellers, even distressed ones, tend to hold substantial equity, so there's usually enough value to sell conventionally rather than hand over the existing financing. If someone pitches you a creative-financing structure, have an attorney review it first. This is general information, not legal advice.