Loan purchase or negotiated payoff with PHH Mortgage

[Trey Boyd]

I am wanting to purchase the loan directly from PHH at a discount given the state of the mortgage and financial crisis coming for that particular part of Texas. I would then go to the current owners with a cash offer to walk away and forgive the loan, I know the owners and we have already discussed this. 

Has anyone ever purchased a residential mortgage (I have done commercial but not residential)? Has anyone ever dealt with PHH Mortgage in general?

Thanks in advance!