Preforeclosure w/ lots of equity but has multiple liens/loans

[Liam Hanson]

I am a new investor. I came across a property with lots of equity (about $520k), but it has loans totaling over $2M. I think the loans are for a business or something else. It doesn't say but it shows up under mortgage on the report. Is there any way I would be able to buy the property and get the owner equity but not have the loans attached to the property?

Here are the numbers:

Original Loan Amount

$417,000.00

Loan Balance

$2,600,000.00

Judgement Amount

$419,907.00

Estimated Value

$939,000.00

Equity

$519,093.00

This is the mortgage history:

Recording Date			Loan Description	Loan Amount

2/26/200			Fixed Rate	$30,000.00
12/4/2003			Fixed Rate	$210,000.00
4/11/2005			Variable	$389,500.00
10/24/2005			Construction Variable	$850,000.00
10/18/2006			Variable	$1,000,000.00 $120,000.00
1/8/2009			Fixed Rate	$417,000.00
1/20/2010			Home Equity Line of Credit (HELOC) Variable	$200,000.00
7/15/2011			Home Equity Line of Credit (HELOC) Variable	$350,000.00
9/19/2012			Construction Unknown	$900,000.00
5/9/2013			Unknown	$1,550,000.00
9/26/2013			Unknown	$2,600,000.00
10/6/2015			Fixed Rate	$429,923.00
09/19/2013		Conventional	$2,600,000.00