Sheriff Sale Subordinate Mortgage
Hello all - researching some properties for a local Sheriff Sale that I plan to attend. Using a document search online I found a recorded "Subordinate Mortgage" from the Secretary of HUD on one of the properties that I had planned to bid on. From Google searching it looks like this means that this mortgage is in the second position to the primary mortgage, essentially making it a lien on the home which I would have to pay to make the property actually free and clear, were I to be the high bidder auction.
Can anyone confirm this or give a better explanation of the ramifications of a subordinate mortgage if I'm incorrect?
Thank you -