Buying non-performing paper pre-foreclosure

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Does anyone have knowledge or experience of buying a note from a bank that is heading into foreclosure? For example a house is listed in the paper for auction, it is vacant, it has no mailbox, grass two feet tall etc., will any lender unload that non-performing note at that point? What kind of discount would you typically get? Can you keep the forclosure process going without delay or does it have to start over if the security deed is assigned? To remind people of my situation, I am looking for individual properties not bulk because that is all I can afford at this time. My friends think I am rich when I go to the auctions with $100K in cashiers check but on this forum I feel like a bottom feeder! :)

Thanks for any input!
Rick
North Georgia