Dumb question about buying notes from newbie

[Andrew Faulkner]

I have around $250k to play with, and I'm considering buying notes off FCI. Can anyone tell me what I'm missing? Many of the 1st position notes (non-performing) sell for a fraction of the value of the property. It seems like I could buy one of these and immediately begin foreclosure proceedings and net a considerable profit. I understand that I'm oversimplifying, and that foreclosure is more difficult in some parts of the country than others, but nevertheless it seems like a no-lose situation. Of course I'd make sure there were no liens or second positions, or if there were that they could be retired and still leave plenty of equity in the property. I know it can't be this simple, otherwise the note holders would be doing it. I'm just wondering what I'm missing....

All this is to say, I don't relish the thought of taking someone's home, and I don't know that I'm comfortable profiting off someone's misfortune. In any case, any and all input is appreciated. Thanks.