Own lien and would like to negotiate on first

[Tim Czarkowski]

I purchased a HOA lien recently at the county auction and have taken possession and rented the condo, now I would like to at least attempt to negotiate the payoff amount with the bank that owns the first mortgage. The principal amount is only $20,000 but with fees, late payments, etc. is now at $32,000. I understand in order to negotiate at all I need to get the previous owner to sign a release, does anyone have an example of one? My plan was to start out at $10,000 and work from there. I would think that $20,000 would be a pretty decent deal for the bank and me. It would save them the cost of actually foreclosing and taking possession. The condo is only worth about $35,000 and is owned by GMAC. I would really appreciate any advice.