Buying a 2nd lien note with owner in bankruptcy

[Han Oh]

I am in contact with a 2nd position private lender who is willing to sell his note at a small discount. The property is in California, the sale date is scheduled for mid December and he is the foreclosing lender. There is a 1st in place which was previously in preforeclosure but that has issued notice of rescission and I can't find any default notice since then. The current owner has filed for bankruptcy about a month ago and the 2nd position lender is saying that he is in the process of getting a release of stay from the court which should happen pretty soon. I do not yet have information on whether it is a Chapter 7 or 13 bankruptcy as I have yet to make more detailed contact with the lender. There is plenty of equity in the house.

I'm thinking about purchasing the note from the lender after bankruptcy is lifted and taking over his foreclosure process. 

Being this my first note purchase experience, what are the risks and potential complications that could arise from this? If the bankruptcy was filed just one month ago by the owner, why would the court grant the release so soon especially if there is a payment plan in place, and can the 2nd position lender request for the release? Can the court order the 2nd lien to be reduced or even relinquished due to the owner being in bankruptcy? Do I run any risk of losing part or all of my investment?

I sincerely appreciate all of your responses in advance.

Happy Thanksgiving!