Help me Market to Foreclosing Lenders - Want to Buy Their Loans

[Leonard L.]

I am considering sending my first batch of letters to lenders who have filed a Notice of Default in my farm area.   The idea is to buy the defaulted loan at a discount where there is equity in the property.    My question is -- has anyone had success in doing this, and if so, would you be willing to share some wisdom?  I will only target the smaller lenders, private parties, thrifts, etc.  

I was thinking I would use a more professional letterhead than my yellow letters, use one of my company names, and pitch myself as a loan buyer who can pay all cash fast and can take over the burden of negotiating with borrower and/or foreclosing, etc.  But not sure what my "hook" should be, other than convenience and quick cash.

Any tips appreciated.