Seller carry - 2nd lien- good idea or not?

Trying to decide if I should carry a 2nd note behind the bank on a park sale. Since banks are lending less, I can see the deal being: 20% down, 60% bank loan, 20% seller carry 2nd note. Assuming the bank would even allow it , has anyone had any experience - good or bad doing a sale this way? I think this is the way it works- correct me if I’m wrong: If the buyer defaults on the first (bank) loan, then the bank forecloses and I would have the opportunity to pay off the bank to get the property back. If the buyer defaults on my 2nd note, then I have the opportunity to foreclose - and here is where I am not clear - do I just take over the first note and get the property back or how does that work?