Note clarification..

[Cathrine Mcnair]

Hi everyone.. I'm a newbie, still getting my footing in RE. I am interested in purchasing performing and non performing notes.

example: on 1st position Lein

Priced at 15,000.00

original balance of 30,800.00

Principle of 28,299.00

Estimated value of 65,000.00

Payment amount 432.00

Note rate of 12.70%

Here is my question. If I pay the full price of $15,000.00 the property is free and clear, I am free to attempt to Reestablished the note, foreclose, sale (if there are no tenants residing on the property)? 

Will I be required to pay the remaining amount of the note? 

Could I do "keys for cash" ?

Thanks for your wisdom!!