Foreclosure Sale Questions.

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Well what a site!

Well I am looking into a few properties in NC (Wake County) that are about to go to auction or have gone through auction and I am thinking about placing an upset bid on one. Problem is i am sure i dont understand the entire process like I should but I am trying to learn as fast as i can. Here are a few questions i have about this:

1) If i place an upset bid on the second mortgage on the property....and say in 10 days i am the highest bidder. I am responsible for paying off the second mortgage right away with cash? Can this be financed?

2) After i own the second mortgage i inheirit the first mortgage aswell. Which needs to be paid off like the second mortgage.

3) What should we be worried about owing on this property besides the 2 mortgages....They are not behind on property taxes we know.

4) What else do you investors worry about owing when buying a foreclosed home at auction?

This may sound bad but does this sound like a good or bad deal.

First Mortgage: 69K
Second Mortgage: 46K
Home in good condition as of now: YES
Home would sell for: 178-190K (with some work)

Would you consider a deal like this to be good?

Thank you!