Question about Owner Financing or "Land Contract"

[N/A N/A]

I find a house nearing forclosure. I tell the owner: When the gavel comes down you're out and your don't get anything. So, I will buy the house today, catch up all back payments and expenses, and we sign this Land Contract. That will allow me to make the sale faster and with less expense and hassel than making a new application at the bank.

Now I know the bank could--not required to--but could call the loan. But I've found most are glad to have the payments being made, and most, do not want another repo on their hands.

What is the future of the land contract? If I record it in the courthouse, can the seller, at some future time, get a second or third mortgage on the property without my knowing?

And, question 2: How does this affect me if the seller files bankruptcy in the future?