notes in Chicago, IL

[Robert D.]

lets say in 2006 somebody bought a house for 200K (Chicago, IL). it appraised back than and the note was signed, mortgage was recorded. Then the note was assigned several times. Now the house is worth around 20k in as-is condition. I would like to approach whoever holds the note asking them to assign the note to me for say 15K. the note is non performing at this point. I would like to start my own foreclosure. I am taking a risk so i need a discount. I am interested in the property. if I buy the note for 15K …and I spend 2k in attorney fees and year later the case goes to judicial state (IL is a judicial state) how much maximum can I ask for the opening bid to be ? In ideal case I would like to ask for more than the value as-is (30K ?), this way the property will not be purchased by anybody at the judicial sale it will go back to me, I will get the deed. so I guess the question is …is the opening bid at the judicial sale somewhat correlated to how much I paid for the note ? I know I can go lower ..i.e. $100 but can I go higher ? i don't care about deficiency judgment against the homeowner ..