2nd lien foreclosure and risks on first

[Matt Pfefferlen]

Just looking for opinions here.  I am looking at buying a foreclosure on a second lien.  I am wondering how much of the risk is in the unknown in the first.  The first had NOS sale out three years ago and a week later it was cancelled.  I am assuming they paid what was due but I understand loan mods don’t have to be recorded so there is a chance they worked something out with the bank and they may have a larger loan amount than implied in original deed of trust.  Any thoughts?