Planning on bidding in an auction (please advice) first time

[Alex Atie]

I pulled up a title search from PropertyShark. It returned quite a lot of information, would be great if i can get some advice on this property.

Under Title History, there are quite a few dates, 7 in total, dated from 1996 to 2014. Here are the history:

In 2014, mortgage with Bank A for $600,000.

In 2009, mortgage with Bank B for $550,000.

In 2009, sold for $1 (transfer)

In 2007, mortgage with Bank C for $500,000.

In 2003, mortgage with Bank D for $400,000.

In 1997, mortgage with Bank E for $100,000.

In 1996, mortgage with Bank E for $127,000.

The market rate for this property is $700,000+.

There were quite a bit of names/company names changes i can see in the title history, however they are of the same family, same last names.

The auction going on next month will be with Bank B. What does this mean for me as a bidder? If I win, do I have to pay Bank A back any remaining balance in the $600,000 mortgage?What about the other banks, C-E? those are all paid off right?

This owner have multiple properties in the same area in foreclosure auction as well by the same bank.