Help! Wholesaling guidance for a newbie

[Erich Brown]

I got my first response from direct mail today on a large house here in Albuquerque. The gentleman said that there is a 1st mortgage of 300k and a second of 80k, so naturally he’s looking to get that much to get out of the house. Is there a way to work with the bank to see if there is a smaller payoff number? Or has anybody used the strategy where they pay to get the property out of default and take over the loan, fix it, and then sell it? Thank you in advance!