Buying a Second

Whats up guys,

I found this second mortgage holder who wants to sell his note. He has a balance of 290k with a balloon due in 4 years for the remaining balance. He gets interest-only payments of $1500 a month with an interest rate of 6%.

The property is worth a million and he doesn’t know how much the first is.

How much would you offer for the second? 50% of balance?

If I get it contracted… would a title search reveal to me the current balance of the first mortgage?