Short Sale After Taking Property Sub2

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I have two deals in front of me where the borrowers will not participate in a short sale but are willing to deed their properties to me. Neither property has had any foreclosure actions or collection activity. Neither owners have made a mortgage payment in over 3 years. One of the properties was included in a BK that was discharged 3 years ago and it appears the lender has charged it off. Both props are way over encumbered.

Can anyone here share experiences when dealing with lenders when you are the newly deeded owner? This would also be the case if I bought a property at trustee's sale subject to a senior lien. The goal isn't necessarily to re-sell the properties but to work with the lender in order to short pay or discount the liens. Maybe it's not called a short sale when there is no re-sale?

I'd like to avoid conjecture in this thread and hear from anyone who's worked with an institutional lender under these circumstances. Thanks!