It depends on your business objectives, how much is required to pay off the lien holder(s) & the real value of the home.  

Unfortunately the only way to obtain clear title would be for it to be paid off, quiet title action (which would notify the lien holders and if none responded you would get clear title, get the title company to make an exception of some sort (rare) OR wait five years because the statue of limitations on judgments in New Jersey is 20 years.

I'm looking for any recommendations/thoughts on what the current note holder needs to do to comply with CFPB on this one before we buy the paper, thanks.

@Melissa UtzingerAll responsibility with regard to compliance with IRS rules lies with you as the account holder.  

my favorite type of deal is one that does not involve a bank.. just food for thought. 

Shawn Lowery yes the check was sent to my address but in the loan holders name.

You can add some food coloring to the toilet tanks and see if it leaks into the bowl.

One key for each lease holder.

Many times the shorted lender will approve a small amount for junior lien holders, that they will not accept.  

As stated above, except for any food or drink you happen to order there is no charge to attend.