@Christopher Montgomery - @Roman M. was right that if the foreclosure has occurred they are now unsecured liens, so you'll be limited to collecting from the borrower, and subject to dismissal in bankruptcy.

Furthermore, the blockchain makes it possible to remove third-party intermediaries who essentially are there to guarantee that a transaction has indeed occurred, and there by adding unnecessary costs to the transaction. 

Once the closing has occurred, the contract is no longer executory (i.e., all requirements have been satisfied), so the consideration plays no part in the continued validity of the contract.

A landlord can also be held liable for certain     breaches of security that occur on his property, if the unsafe condition or act could have been foreseen or prevented.Because the trailer is too old, and those models might not be manufactured anymore(It looks like in this link but older  https://www.airstreamforsale.com)So I guess it might be hard to meet current codes with the old trailer unless we spend lots of money. 

Rescission occurs for several reasons, including technicalities with the foreclosure process, debtor paid prior to foreclosure, probate is pending on at least one of the property owners or borrower of the note, or property owner has a bankruptcy pending with an automatic stay prior to sale.

Hmm I wonder what occurred to change the borrower's mind about keeping this property in between 2008 when the default occurred and 2016 when suit was filed.

So even though my worst case scenario occurred, I still came out ahead. :-)

@Drew SygitNice perspective it never occurred to me, what is the best way to classify Class A ,B or C?

If you "borrow" money, then the repayment terms can be clearly laid out whereas in an equity partnership things are much more fuzzy and strains are more likely to occur which is why many recommend not doing business with family and friends.

But hard to see if theres any bowing occurring.