Two mortgages on title search

[Drew Hughes]

Hello All,

I am new here to BiggerPockets and have been in the education phase for about 6 months.  I am interested in a foreclosure right down the street from me that is to be auctioned on auction.com.  I have been learning about due diligence and have a couple of questions regarding my title search thus far:

1. The auction mentions buyer may receive a Special Warranty Deed or equivalent if able to purchase title insurance without delaying closing.  Otherwise buyer will receive a Quitclaim Deed.  Can someone expand on what this means, particularly the difference between the two deeds.

2. I reviewed the title information provided by auction.com and also searched the county record of deeds online.  Both show two mortgages and one assignment.  The first mortgage is for $30k in 1990 later assigned to a different lender in 1997.  The other mortgage is for $22k in 1993 to the same mortgagor with a different lender than either associated with the first mortgage.  If I were to bid and win the auction, would both of these mortgages be released or could I be responsible?

Thanks in advance for any advice.

Drew