Buying a property on verge of foreclosure

[Mark Bondurant]

I'm wanting to put an offer in on an on-frame modular in North Carolina. The owner has missed mortgage payments for about 3 mos. If I move fast, shorten due diligence and pay cash to close in say 3 weeks, can the bank come back and contest my rightful ownership? What if they issue a lis pendens or Notice of Default before the closing? Other risks? I'm pretty sure I'll lose the property if I wait out the foreclosure process. Thanks!