I am aware of a house that is going to be foreclosed (the owner was not aware of a balloon pymt due, because his brother neglected to tell him).  The owner is not really willing to work with me (now) as I have mentioned that I would be making the bank an offer much less than the payoff and he was told by his bankruptcy attorney that he would receive some of the profits if the bank were able to sell the property for more than the payoff.  That would probably be my first question, 1) is that true, would he receive a portion of the profits?

My second question is, 2) would it be possible for me to try to approach the bank before foreclosure if he is not giving me access to the bank (I do know which bank he is working with)? Before I mentioned the price we were going to offer, he was ready to sign papers giving me the right to talk with the bank.

Big picture: payoff of house is about the value of just the land alone.  Owner is not able to pay and has resigned to foreclosure.      He is not sure when the bank is going to foreclose, although owner has stopped making payments and had been told the first of the year.

Thanks in advance for any advice,

Mike