Foreclosure With 3 Mortgages On Property

[CDLTEL]

What is the name of your state? What is the name of your state? NEW JERSEY
im going to bid on a foreclosure, i did research at the county clearks office and found the house has a first mortgage,a second mortgage. then i found a 3 mortgage that was on the house to secure a biz loan. the 1 and 2 mortgage have forclosed on the house for a total of $325000.00 and this is the up-set price for the auction.
the 3 mortgage is for $200000.00

question,
can ther be 3 mortgages on the house?

does the 3 mortgage have any claim if the house sell just for the up-set price of $325000.00

please help

 

[HomeGuru]

What is the name of your state? What is the name of your state? NEW JERSEY
im going to bid on a foreclosure, i did research at the county clearks office and found the house has a first mortgage,a second mortgage. then i found a 3 mortgage that was on the house to secure a biz loan. the 1 and 2 mortgage have forclosed on the house for a total of $325000.00 and this is the up-set price for the auction.
the 3 mortgage is for $200000.00

question,
can ther be 3 mortgages on the house?

**A: yes.
***********

does the 3 mortgage have any claim if the house sell just for the up-set price of $325000.00

please help

**A: no, because if the Court confirms the foreclosure aale based on that upset price, upon closing, the third mortgage would be wiped off the title.