What to do after purchasing a non performing note?

[Casey York]

I found a property that has been vacant for over 10 years, in a very good neighborhood. Last known occupant went through a divorce and bankruptcy at same time. Paper trail was long but I finally found the current owner of the mortgage. There is a first and second mortgage. The owner of the first mortgage has said they will sell me the note. Not having any luck on the 2nd mortgage note.

If I purchase the 1st, can I foreclose the property and take ownership?

Any help is greatly appreciated.

Thank you!

[Christopher Winkler]

You also need to look at the property taxes owed to see if they have been sold to someone else. If the redemption period is over, the property very well could be owned by someone else & you have just wasted your money. 

Also to add to Dion's point, you do have to bid at the auction, as in some counties if no bid is made, title does not change hands. This happened to us on a vacant in Columbus, the bank never bid @ auction, so the homeowner, who was deceased, still had title in their name. 

We substituted counsel, scheduled another sale, and made the minimum bid, which in that county, was set at 2/3 of what the Sheriff assessed the value at. We sold it to a rehabber for an overall 22% return in 4 months, with our part of the deal making me 66% in my Roth...