Posted by Jimbob on November 09, 1998 at 14:19:28:
Do you have the name of the trustee on the sale? If so, I would call them to find out more information on the note. It sounds to me like it may be a second or third mortgage, therefore you can pay off that note but still end up in a junior position, and if the current owner defaults on the first note, you could lose your shirt.
On the other hand if it is the first mortgage, you could make out pretty good. Try getting more info before you dive into this.