Yes, you would hold title until the note is paid off.In California, mobile home titles read: "Owner" (buyer) and "Lien Holder" (you).

Do I keep that money or can the note holder get it from me?

He was making interest payments to the lien holders but never told me anything.

Any partial payments made by the borrower through your efforts would be due the note holder prior to your closing on the note.

You are now the note holder with the right to collect the future payments!

It is also located near the hospital so it's ideal for little old ladies.Now, Section 8 has told me that they really really need 1 bed 1 baths for voucher holders and that at anytime I have a vacancy they can fill it.

What rights do I have as 2nd lien holder?

The strategy would be to buy it (in essence giving the note holder some cash to walk away from the deal), and to proceed with the foreclosure process as a means to ultimately acquire the property.The maturity date was supposed to be 8/1/2016, but that really doesn't matter since the note is non-performing.You need to find out the following: (1) what position this note is in, as being a "junior" lien makes it a lot less valuable, and (2) what, if any, type of delay tactic (bankruptcy, etc.) the payor is using to delay the foreclosure process.

I don't know what the "credit bid" means, or even how the foreclosure process really works from the note-holder side of things, but if you own the Note and you are the one foreclosing, aren't YOU the one who sets the minimum bid?

It is a RESPA violation for a 2nd lien holder to get paid off the HUD.