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Question - First Mortgage dismisses case but Second Mortgage forecloses and sells property, what are the implications?

So I'm looking into investing in a condo that is up for sale on my county's website. I searched into the history of the property and there are two mortgages. The first one being a bank and they did indeed start foreclosure proceedings but then decided to "de-accelerate the loan, withdraw its prior demand for immediate payment of all sums secured by the security instrument and re-institutes the loan as an installment loan." The case then closes. I'm not sure the reason for this but it does seem like there were some responses by the HOA/community association and second mortgagor stating their claims were higher than the banks' claim on the property and perhaps the bank withdraw their foreclosure for this reason(although it doesn't make sense to me but thats all there is to go with on the court history)?

However there is a second mortgage that's worth about 10% of what the first mortgage is worth. The owner of this mortgage also foreclosed on the property and is what is causing the property to go up for auction. So my question being, if I buy this property, it seems I'm also assuming the payments for the first mortgage?

Hope this question makes sense - don't want to go buying a property in case I still have to pay more in the future.

submitted by /u/runner292
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/ko38g1/question_first_mortgage_dismisses_case_but_second/
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