Possible to buy a non performing 2nd to stop 1st foreclosure?

[Scott T Brady]

I'm working with a seller to stop his foreclosure; the 1st (Wells Fargo) has been in default for over two years, foreclosure is scheduled April 1st, they are still interested in being reinstated. A 2nd (US Bank) is a HELOC w/ an $86,800 credit line, maxed and in default for just as long, currently a $97K balance. There are additional state and fed tax liens affecting the property.

My Q isn't should I do this deal (I've left out critical numbers for that question)... there's not much risk of a huge loss, more likely a little to modest gain, from taking the property sub2 (everything), reinstating the 1st, do an extremely light fixup (basically wholetail) and sell within 2-3 months.

My question is "Do you see a way to acquire the 2nd Note from US Bank, at a discount, rather than have US Bank take $0 on their $100K balance at foreclosure?"  I'm dealing with a very cooperative seller.  If I could drop the balance on the 2nd, even marginally, then the deal becomes much sweeter rather than something I'll probably do for the learning experience, with a little profit on the side.

I own and run a title company, I'm not new to real estate and how liens work, but no, I am not a Note investor, and have read in the forums that purchasing a specific note from a large bank is nigh impossible.  Just wanted to explain I'm doing this to make the house a good investment, not the note itself.