What will lenders discount non performing loans by today?

[Chris NA]

Im wondering if there is anyone with experience buying mortgages right now.  Im wondering what to expect a lender to discount an existing first position mortgage on a property that is starting a foreclosure process.  I live in MN and there is a 6 month right of redemption on most residential foreclosures - thats a long time in addition to the 6 weeks of public notices that need to be posted consecutively.  Lets say there is a $125K first (current principle) on a $250K property, is there an expectation you might have as to where the lender is willing to part with the note? 

I pose the question without referencing junior liens as I dont think they affect my interest of buying that first position.  If Im wrong here please advise.

A factor that seems to matter as I see it is the equity in the property.  How would that slide the lender's decision in responding to an offer?