Buy note from lender and sell it back to the owner? Can this be done?

[Dan Krause]

:D I got an e-mail response from an older BP posting of mine. They are looking for a commercial property locator. They need distressed property owners that have non cash flowing and upside down properties. They will buy their note from their lender and sell it back to them at 50-65% of current income appraised value. My question: Is this a feasable strategy? I think i have heard of this before but am not too familiar with it? Why would an owner let their note go and then buy it back? If BP members could elaborate on this? Thanks, Dan