On your specific question I'll follow the discussion to see what the attorneys out there will say, but the agent is the real estate license holder, as issued by the state, not their company if they incorporate... so I'd imagine that "pierces the vail".But tangentially there's also the MLS rules for agents. 

I have worked on behalf of groups of investors, bond holders to CMBS loans, overseeing over $6bb in outstanding loan balances on any given day.What does that mean, and why does it matter?

@Chris TejirianIf the house is in preforeclosure it doesn't matter who the mortgage holder might be.

@Damian Robinson  Take a look at the marketplace in both markets then begin to network with deal holders.  

If the LLCs are disregarded entities then you are actually the tax payer for the properties and the LLCs are simple title holders. 

A change of title holder could certainly raise questions in an audit.  

Two totally different worlds and purchasing PROPERTY does NOT afford you any right to pull credit on a person(s) that you do not have a contractual relationship with.OP - Um...I wouldn't bid an amount equal to the first and second total debt if the foreclosing entity is the second lien holder.

@Horacio Gutierrez The original lien holder would prefer that you do a refi to get the loan out of the previous owner's name and into you (the current owner) name.

At this point, in theory, bank forecloses, property is sold for 200k, each lien holder is entitled to their share of the profit.  

Since you still have a mortgage on your first property, transferring title *could* trigger the due on sale clause if the mortgage holder looks into it.