Courthouse Deal involving 2nd Lien

[Brandon Powell]

I need a little advice around a potential deal. Here are the details:
1st Lien going to FCL sale at the courthouse in two weeks for around $30k (was a 15 Year Note at 114k originally). The 2nd Lien is also going to sale on the same day at the courthouse and hasn't yet priced (2nd Lien was taken out 2 years ago for $137k). The after repair value of the property will be $200k (repairs of $20-30k). The property is located in NC.

The question I have is should I bid on the 2nd Lien (if the opening bid is priced attractively) to ensure I can buy out the 1st lien? If the 2nd Lien was going to sale a month or so before the 1st I would maybe say yes, but since it is going to sale on the same day I'm not sure I would protect my right to buy out the 1st? Is there a way to buy the 2nd and somehow make contact with the 1st Lien holder and pay it off prior to the completion of the foreclosure process (ie in the 10 day upset period allowed in NC)?

Obviously the best case senario is that I buy the 1st for $30k and the 2nd is simply wiped out through the foreclosure process.

Thoughts anyone?