An irregular real estate transaction (pre foreclosure)

[Jared Siraco]

I am writing to request expertise regarding an irregular real estate transaction (pre foreclosure).

The property I am following and would be interested in purchasing, is not listed for sale and the owner has yet to receive a Lis Pendens from the creditor. Based on information that I received from a friend living next door to this property, the property owners are defaulting on their mortgage and have backed taxes. I confirmed the Tax Liens totaling almost $6k over 3 years. And, based on the 4 of what I'm assuming are Equity mortgages taken out in roughly 6 month increments (Each to release the last). With values starting at $80K on the first loan and ending at $340K, I am assuming that my source is correct.

[/b]So now to my Question:

What is the right move here?

1. Should I approach the owner before they receive notice of Lis Pendens and or enter Foreclosure?

2. Should I contact the Creditor?

3. Should I wait for it to go into Foreclosure?

4,5,6 ?

Thanks for your time!