There are many working class, professional and section 8 voucher holders who grew up in and continue to support these areas by purchasing and renting homes in these areas.

@Crystal Smith would you consider the property "stable" if it was moderately updated and  100% occupied with section-8 voucher holders?  

The tax assessor will take what is owed for the taxes, and any overages go to "interested parties"  usually a mortgage holder, then anyone who has a lien on the property, then the owner.The price that the property sells for at auction has little to do with how much taxes are owed, or how much is left on the mortgage.  

Therefore the holder can use the cash for real estate.

I realize something while making small talk with all of the box holders.

The renter is really just a place holder.

The mortgage holder has the right and duty to protect this property..."

If the payor defaults, I'm still in "front of the line" and would be "made whole" to the tune of $27,019.51 first before the rest of the money from FC goes to the "original" note holder.

The collateral taken is very well known to the note holder and depending on the underwriting, the risk can be pretty low.

On the notice, find the note holder's contact information, this will give you someone you can call to find out the status of the property.Good luck!