@Nathan Gesner, yes, but the question becomes does HUD just automatically pay the highest rate they show in that market, or is it based on what you are asking, making up the difference between what the voucher holder pays from their income and their voucher amount. 

I recently tried to purchase a delinquent land contract note from owner/note holder.

It's going to take a long time to get rates down to a good amount for the current low rate holders to flip, and it's going to take years to create supply in these desirable areas.

@Trey Knight  if you default with a second mortgage, yes that 2nd place lender can initiate a foreclosure but the 1st lien holder gets paid first. 

Current owner has a land contract and I have had deed-holder also sign listing agreement. 

Also, I shoulkd point out that charging for processing, preparing, underwriting or closing a note may put you in violation of law and in the event you ever have a problem arise you will then be taking on a professional liability that as a note holder you don't need.

I am the 2nd lien holder of a property that is about to go into foreclosure. 

Correct, you pay off the first lien holder which is the bank with the current loan on it

Title & Recording Fees: TBD.But if you really are a long term holder with a property you want to hand down generation to generation... with a non-recourse 35 year term, am and fixed rate; the chance to lock in a historically low rate on an assumable loan may make the 223(f) brain damage worth it.

The way the liens work is prior to the sale happening is that all lien holders are notified.