The former may be acceptable and advantageous and the latter... not worth it in my junior opinion.  

If they stop paying the bank, the bank has the ability to foreclose, and depending on what they are able to recoup, you may or may not be able to get any of your money back in the foreclose since you are in a junior position to them. 

As a wiped out junior you always have the right to sue for a judgement and chase the people ( rarely works out in low value assets like this.)also in that example your equity spread is not very good unless you are buying the second for 10 cents on the dollar.but lets say the first is owed 50k by the time it goes to sale they maybe owed 65k and if opening bid is 60k they may show up and bid up to the 65k in hopes of competitive bidding.. once 65k is met anything over 65k goes to the second in line which would be your second.. so lets say it bid to 70k you would receive 5k.. the delta. as a foreclosure buyer in Ohio its not common to see things bid up to far like it is in west coast sales. this is why seconds trade at such a low purchase price there its very common for them to get wiped out. now you can always bring the first current foreclose on your second and maybe some newb will bid on it no realizing its a second.. but then you become the owner and maybe as the owner you can sell and recoup what you paid or even make a profit.

I scraped through the eighth grade and spent a 9,10 and 11th grades starting and dropping out a few months later till as a 16 year old junior I dropped out for good.

In another life, I could see you being a great corporate raider, a master of mergers and acquisitions, a junior junk bond trader with humble origins who rose to command a massive hedge fund empire, amassing $Billions$ of dollars and owning whole city blocks of Class A apartments just for your personal residence, in addition to a private island in the Caribbean.

You should be able to hand it to a junior high boy and they could have it looking perfect, just by following the steps. 

Hi guys,My name is Matt and I am currently a Junior at Quinnipiac University and an aspiring CPA.

SSN on the new report and the old report match.This is a 2nd NPN, and appears to have plenty of equity covering the first and the second, assuming the original information about UPB on the senior loan (from the original credit report and from the seller's information) and this junior loan is correct.

Gets more complicated for junior liens.

"There is a junior mortgage loan that is still on title, and will not be removed until 9/10/2019.