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How does owning a note lead to acquiring the collateral or the property?

There are several ways to acquire the collateral (the house) when you own a note. This can occur through foreclosure, or by getting a deed-in-lieu of foreclosure, which simply means that the borrower signs the collateral over to you in order to avoid foreclosure. In many cases a deed-in-lieu is a win/win situation for all. The borrower gets rid of a debt that he or she cannot possibly pay, becoming free and clear of that debt. The lender saves the time and trouble β€” and cost β€” of not having to foreclose, and can then liquidate that collateral asset for cash.

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