Question on 2nd note investing

[Chris T.]

Newbie here in regards to 2nd lien notes. This came across my email and perk my interest. 

Property is in CA

FMW: $430K

Senior Lien UPB: $282,000. Current.

2nd Lien UPB: $78K

2nd Lien mortgage payment: $599.75

No BK history, 2nd lien payments remaining 364. Loan was modified in 2017 with a $4K reinstatement. 

Owner occupied.

Minimum bid $56K.

Can I get your professional feedback on how to evaluate this deal?