The title attorney thought the holders of those liens could enforce them against the prior owner's foreclosed property (very unlikely), so declined to issue title insurance. 

But if you are a buy and holder maybe not with locked in low rates and taxes. 

Also, I'd be careful about sharing bank accounts for the simple fact that if something were to happen to the other account holder, the account and all of its funds could effectively become the complete and sole property of the remaining account holder.

A title company can run a preliminary title report that would show the owner of record, a list of outstanding liens and the holders of those liens.

The note holders (and anyone with an interest in the property) have to file a claim with the DOJ to protect their interests in their lien.  

We don't do real estate directly, but as holders of real estate notes, we do get REO there periodically.

I personally know the holder of the second.

I plan on contacting the holder of my 401(k) to see what options I have.

This next link has a site you can search for old mortage holders (and who took over):http://www.biggerpockets.com/forums/41/topics/80458-old-mortgages

Best beginning book for a buy and holder that I've found.