Bank is wanting to Assign

[Teresa Ludlow]

I am trying to negotiate a short sale with a bank but the property has several liens.  The bank has both the first and the second mortgage.  They have filed the foreclosure on the second mortgage and did establish the upset price.  There were no bids on the property but they did satisfy the court and municipal debts on it.  They are wanting to assign their position as the noteholder for both mortgages and let us step in to finalize the foreclosure instead of just doing a short sale.  I am not really sure what benefits or downfalls this would have for us or for the bank.   We have inspected the property and know that the value is there if we can work through this acquisition.  Any advice or similar experience that can be offered is appreciated.