Assuming risk when foreclosing on a note

[Ann Howell]

Hi all - I am new to Bigger Pockets, and I am exploring several investment options.  One option is to buy first position, performing notes.  I want the monthly cash flow more than I want to get the property.

However, I am unclear on what happens if I have to foreclose.  I understand that it would involve a legal foreclosure, and I would end up with the property.  But would I also inherit other liens against the property?  If the owner took out a second position note, would I be responsible to pay for that? Would I be responsible for unpaid taxes and/ or tax liens that came after I got the original note?