Foreclosure with 2nd Mortgage

[Mike Ballew]

I am bidding on a foreclosure in a few days which according to the title search I ordered has a second mortgage (i.e., a mortgage obtained after the original mortgage).  The first mortgage holder (i.e., the original mortgage company) is the one bringing the foreclosure action against the current owners.  My understanding is the second mortgage lien against the property will be wiped out by the superior lien holder's foreclosure action. Further it is my understanding that the second mortgage holder can go after the current property owner (i.e., the people getting foreclosed on) but they cannot come after us (the people buying the foreclosed home).  Is that right?   

Second question, is is true that if the second mortgage company (or some other inferior lien holder such as an HOA) were the one bringing the foreclosure action, the lien associated with the superior mortgage (i.e., the original mortgage) would survive the foreclosure and would still remain attached to the title and would become the responsibility (i.e., have to be paid off by) the new owners (us) who purchased the foreclosure. Is that right?