Since there was a notice of seizure filled, is it still possible to contact the homeowner to work out a deal to get her out of foreclosure status or will I need to attempt to negotiate terms with Bank of America?  

I took the reduced rate...before I knew better ;)If you work out the math in an excel spreadsheet real quick you'll notice that the return you need to get on those points to beat the cost over 30 years is about 1/4-1/2% better than your loan rate.

How did the deals work out?

Try to work out an arrangement.Would you be willing to let him walk if he forfeits the security deposit?

Sounds like it could work out nicely. 

That way you can give him what he wants and still work out a deal to your favor.

When you get a wholesale deal that looks good for rental, see if you can work out some owner financing where you only have to put a small amount down.  

I know some investors here who took the "buy it at HOA foreclosure, and it will put me in a better position with negotiating out the mortgage".....it didn't work out so well for them.  

Work out in the middle of the day.

Paid monthly services like RedX or Landvoice will generate consolidated lists of said sellers or you can work out something with a local real estate agent who has access.