reading title reports on auction.com

[Lynnette E.]

I was looking at the title report that auction.com provides with most listings.  This one is by Data Tree/First American.  I copied the section below from the title report and removed the parts that do not add to the question.  

The question is where the report states combined loan to value 89% and estimated equity $10,128, is that based on when the mortgage was taken out or is that updated based on the amount of the loan that remains unpaid + associated fees?

Also it is a live auction at the courthouse steps.  Do these auctions have a starting bid lower than what the bank will take it for?  It seems logical that the bid should start at what the bank will pay, but often auctions are not logic based.  Maybe they start with a lower advertised bid to generate interest?  I am guessing this is the answer, but do not really know.

Does anyone know of any reading material that will explain how to read and understand a title report?

Value Range: $65,790 - $125,325

Sale Date: 02/16/2016
Rec Date: 02/24/2016
Sale Price: $87,006
Status: Default

Doc Type: Notice Of Sale
Unpaid:  (THIS WAS BLANK)

Open Liens - Current Owner

Owner 1:                                                                  Combined Loan To Value: 89%
Owner 2:                                                                  Estimated Equity: $10,128