Dana is correct. This is a RealtyTrac posting. Be very wary of this information since it can be extremely misleading. If the property has a first and second mortgage - REMEMBER, the second mortgage ALWAYS has to be satisfied prior to the first. With that being said, the second mortgage is then recorded first by the deed of registery office and you do not get to see the first mortgage amount that was defaulted upon. So, as you see - you are not getting the complete picture.
Your best resource will be to partner with an experienced realtor in the area you most want to be that SPECIALIZES in REO properties. Not one that has done 2 or 3 transactions. Different banks or REO departments operate completely differently and it is easy to get your lunch eaten if you go in this blindly. On the other hand, there is awesome potential to be had. With any terrific deal, it does require a little work though.
Keep you eye on the prize and best wishes,