Talking to lender about non-performing note on manufactured

[Jocelyn Hinz]

Hi there. I'm working on a potential deal and need some advice. It is a manufactured home on a city lot that has not been set as real property. The owner passed away about fifteen years ago, and probate has not been finished, though I am talking to the executor of the estate, the son. The land with a shop on it is paid off, but there is a note on the doublewide, with Ditech (formerly GreenTree). The son told me when his father passed away there was a balance of 22k. He said he's been paying for the last fifteen years but then about six months ago he found out he owes about 27k and decided he's just not going to pay anymore. I obviously don't know the whole story, but that's what he says. The home is in ROUGH condition, so he's basically saying come and get it to Ditech. I have heard a LOT of negative things about GreenTree/Ditech, so I'm not sure how much is his fault versus theirs. But that's beside the point. I've been calling Ditech for a few weeks, and finally found out what it is they need to even talk to me, and so I'm sending that all in and hopefully I'll be able to have an actual conversation with someone who can do something soon. My goal is to keep the manufactured home, and essentially buy the note for pennies on the dollar. It's worth absolutely nothing to them, with the shape that it's in and the cost and hassle of moving it. 

So what I need help on is that conversation with Ditech. I don't know what to say, or what to expect from them. I think we'd be willing to pay about 5k, but that's the max.

Thanks in advance!