Mortgage order in foreclosure
I'm looking at bidding on a house on Auction.com tomorrow. In researching the title I'm finding the following:
7/11/05 - Mortgage - $39,000 by M&I Bank FSB
7/11/05 - Mortgage - $159,000 / Satisfied on 1/12/10 by new mortgage
12/10/09 - Mortgage - $157,720 by M&I Bank FSB
9/7/11 - Assignment of Mortgage of $157,720 from M&I Bank FSB to Bank of America
6/8/12 - Lis Pendens for foreclosure action referencing the 12/9/09 mortgage by Bank of America
There were several other mortgages but I found a matching Satisfaction of Mortgage for each of those. I find no satisfaction on the 7/11/05 mortgage. Since the foreclosure is referencing the '09 mortgage and nothing on the '05 mortgage am I to assume that the '05 mortgage is still out there against the property and whoever ends up being the high bidder on this house will have to pay that mortgage of $39,000 or whatever the balance is? I'm not sure if they would have combined the two in this action or not since they were from the same bank originally. The amount shown on the foreclosure notice as an unpaid balance was $183,394 and amount of winning bid from the bank at the sheriff's auction was $106,860. I want to be sure of exactly what I'm getting into before bidding on this. Any thoughts?