So, if the lender was forced to foreclose it would have to pay off the first lien holders, then go through the expense of actually foreclosing and disposing off the properties which would cost much more then 25k. 

Note holders have probably purchased NPNs and got this, but they are pros. 

I think far too often landlords think the SEC 8 caseworkers are responsible for making sure voucher holders are compliant with their lease, and that’s just not the case.

It's a 2 edged sword...one hurdle is DTI and the other is with the HELOC staying in place, the holder of the HELOC is going to subordinate their Jr. lien to the new 1st lien Sr.

the new deed holder has NO deed restrictions, and can immediately sell for whatever.

We have done incentives in form of visa gift cards - (This way it cannot be split between agent and company).Have you considered doing a 3D tour?

With LLC ownership comes a more expensive commercial fire ins. cost, which your LLC attorney should be able to find & bill you for (remember your just a share holder, no operational involvement). 

Perhaps landlords in higher end neighborhoods may not want voucher holders but in the working class communities that dominate Baltimore, many landlords actually market to voucher holders.For this reason some of my colleagues make their houses as attractive as possible (within the norms of a rental property)--even going to granite (indestructible) counters at times. 

I know they are not listed as the lien holder at the county because I had checked before.

Foreclosure is the mortgage holder legally forcing the sheriff to auction the property for sale without the owner's permission to pay the recorded mortgage.