Question regarding lis pendens and 2nd 3rd loans

[Jason Mak]

Greetings BP Community,

Was hoping if any experience loan investors could help me out with some questions I came across when evaluation a loan for sale on auction.com

1) Basically, I am bidding for the 1st position non-performing loan. However, there are still 2nd and 3rd liens. If I purchase the 1st position and foreclose on the loan, then the 2nd and 3rd lien should be eliminated provided that the remaining equity doesn't exceed the 1st loan amount right? Or if I'm successful in foreclosing, do the 2nd and 3rd position get completely wiped out leaving me as the sole equity owners?

2) there are two lis pendens on this loan. Do you know if these lawsuits carryover once the property is foreclosed on? Or do these liens get wiped out too?

3) Finally, as I underwrite this deal, do you think it is realistic if I assume about $100k in lawyer fees to foreclose on this property?

Any insight you would be able to provide would be great.

Thanks,

Jason