Your ownership is inferior to the senior lien and you will remain in foreclosure risk until they are redeemed or actually foreclose your possession out.  

@Josh CaldwellThe big thing that I've learned in 30 years of "**** happens" and "the road to hell is paved with good intentions"If you buy it subject to, give a note to the seller, fix it with private money,  and make a profit fast in 90 days and you're out of it well do that four times a yearAnd always always always remember that someone with a superior knowledge like a real estate investor talking to an owner always lose in court always always alwaysThink what judges think: people with inferior knowledge always get screwed,I would much rather get on title with sub to get private lender money, fix it up, resell it, get a profitNow sandwiches on A B areas with no equity or a little equity I think is a terrific ideaGo after expireds,  deal with the seller that does not have a lot of money in the house, explain to them that it cost 10% to sell, so that sucks to pay to get rid of a houseBeing a landlord sucks  and trusting a property manager suck and show them why then show them "option one option two""Option one Mr. seller is I'll  take over your payments for you, and in  2 to 3 years all pay off your existing financing.

Why don't you make an arrangement to lease it to him for 30 years and then he'd  own it, if he defaults on the lease that he loses the right to buy itMore of a right of first refusal with a Long term leaseThe CFPB protects consumers and you really don't want a headache owner financing someone with inferior knowledgeI wouldn't give him a 30 year lease , I'd give him a 12 month lease with extensions@Bill Gulley

Inferior liens get wiped out superior liens do not with the exception of condo association liens and assessments (You need to pay all of the back owed condo fees)Superior liens are generally liens recorded before the mortgage that is foreclosing was recorded and also property taxes are superior to everything and you must pay them. 

There absolutely are inferior real estate agents in the industry just like any other industry.

A significantly older property in an inferior neighborhood would lead me to expect a lot more work.- what are your goals - expectations - risk tolerance levels for this investment? 

Those investors were forced into continued price drops while units in inferior locations and price points sold more quickly. 

I'm sure there are more comps out there...you'll have to run your +/- for superior and inferior properties.

If the title holder or mortgage note holder, or any creditor in an inferior position thinks it warranted and has the means necessary, they can pay off the superior foreclosing lien.

An app is an inferior software program designed to work on cellphones and tablets.