Help with owner and encumbrance report

[Robert Harris]

I am interested in a foreclosure auction and had a PRELIMINARY TITLE REPORT ran on the property.
However i am having trouble understanding it. I XXXX'd out the names:
Can someone dumb this down for me?
Outside the costs of the auction will i be held responsible for costs?

Here is what is listed on the Mortgage/Leins section:

1. A deed of trust to secure an indebtedness in the amount shown below, and any other obligations secured

thereby

Dated: November 14, 2005

Amount: $240,000.00

Trustor/Borrower: XXXXX

Beneficiary/Lender: Mortgage Electronic Registration Systems, Inc. solely as nominee for GMAC

MTG, its successors and assigns

Recording Date: November 22, 2005

Instrument No.: 119543, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: Ocwen Ln Servicing LLC

Recording Date: August 01, 2014

Instrument No.: 40049, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: Select Portfolio Servicing

Recording Date: March 13, 2017

Instrument No.: 15015, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: Select Portfolio Servicing

Recording Date: March 16, 2017

Instrument No.: 15998, of Official Records.

2. A deed of trust to secure an indebtedness in the amount shown below, and any other obligations secured

thereby

Dated: June 26, 2007

Amount: $90,000.00

Trustor/Borrower: XXXXX

Beneficiary/Lender: Mortgage Electronic Registration Systems, Inc. solely as nominee for GMAC

MTG LLC, its successors and assigns

Recording Date: July 31, 2007

Instrument No.: 64922, of Official Records.

An assignment of the beneficial interest under said Deed of Trust as follows:

Assigned To: 21st MTG Corp

Recording Date: August 11, 2017

Instrument No.: 47173, of Official Records.

[Jon Holdman]

The property in question has two loans outstanding.  Or, at least they appear to be outstanding from the information you posted.  The first had an original loan amount of $240K and was made on 11/14/2005.  The loan was entered into MERS (Mortgage Electronic Registration Systems, Inc) which is a big system that tracks loans.  I think its still in use, but folks pointed fingers at that as part of the whole financial meltdown.  The second mortgage was for $90K on 6/26/2007.  Both appear to have changed hands.  Both were originally done by GMAC mortgage.  The first was sold to OWCEN, then Select Portfolio Servicing.  The two back to back assignments to Select Portfolio Servicing probably had some error on the first that the second assignment corrected.  The second mortgage was sold to 21st Mortgage.  These may have been actual sales of the loan or may have just been changes in the servicer.  Often one company services loans that are held by someone else.

Which loan is foreclosing?  The process is somewhat state specific, but typically if the first was foreclosing the second would be wiped out.  If the second is foreclosing the first would remain in place.  Are there any other liens or encumbrances?  Some liens, e.g., IRS liens, will be superior even to the first.