Keri is correct.But trying to find out who the REAL note holder is takes a forensic abstract & securitization search.

If the mortgage holder forecloses, any delinquent property taxes will still be attached to the property.Now if it were a tax lien foreclosure, that would be much a stronger indicator that all liens were wiped out.

It has been my experience that the first mortgage holder (the bank) will make sure that in the event of damage, the property will be repaired to its original condition so they can protect their collateral.

Originally posted by @Jerusha Holder:@Sierra Westrick I have to also say I've seen those signs too.

The foreclosure needs to name all former lien holders, so you have to check for accuracy.  

The property owner / management is bound by the requirement to rent units to Section 8 (for example) Voucher holders.

@Andrew CarusottoYou can still buy it but do not give the guy any money and use a title company with escrow as you want to make sure title holder gets paid

Also, I've seen many cases where there foreclosure failed to name the second mortgage or some other lien holder, so they weren't actually foreclosed out.

I am in Chandler and have been a Broker, flipper, holder and note buyer for the past 14 years. 

I have not yet committed to rent to this Section 8 voucher holder.