Hello I have a query that I have to get advise and actioned…

Hello: I have a query that I have to get advise and actioned by Oct 10, 2009, My email addrss is: [email protected] if you would like to respond via phone, my tel no. during office hrs is:(NNN) NNN-NNNN Thanks a ton

I (my company) am the 2nd mortgagee for the amount of approx $20,000 on a detached home in Mississauga worth $410,000 at least. The mortgagees are gone away (absconding) from the country, and have abandoned the house. Due to non payments by the owners of the house for mortgage payments, the bank would like to take over the house and sell it for $376,000 to recover their mortgage amounts by October 10, 2009. They have offered me to take ownership of the house so I can repay them the above amount and perhaps resell it later so I can recover my amount. However, having worked out the math, it does not seem like a feasible option for me to buy the house. I would like to do a private sale of the house for at least $400,000 so the bank can be repaid and I may be able to recover my monies as well. But the bank will allow me only 1 (one) showing of the house. And it is not an ideal situation for me to show the house in one visit to all the people who may be interested.   When I call the bank/lenders they keep telling me to take legal advise to find out what I can do and cannot under such circumstances.
What are the legalities and steps involved if I consider buying this property?
What are my rights as a 2nd mortgagee? Can I request for more than 1 showing of the property? (the lender is not allowing for this) ?
I believe I do not have the right to send them a potential buyer which means the only option that I have is to buy the property from the bank?
Which might mean that first I buy this property and then resell it to someone

And is there anything else I need to be aware of ?

Thanks a ton