Discounting The Mortgage
How does one buy a piece of paper, the mortgage, from the lender prior to the foreclosure sale?
Do banks commonly deal with this type of transaction? They seem to just shrug you off and tell you to try to purchase the property at a foreclosure sale.
I recommend that you draft a (professional in appearance) letter and send it to the VP of loan servicing operations.
Identify yourself as an investor (state specific) in non performing or under performing mortgages.
Your letter will be channeled to the appropriate officer.