One is that a modification agreement can be reached and the debtor starts making payments as agreed to.  

A purchase agreement is a waste of time and energy and complicates the issue for Harry Homeowner.This is not a beginner strategy as there are federal laws concerning approaching debtors who have been given a notice of foreclosure.

It’s meant for owners who want to keep ownership of their property but need a way to access liquidity without taking on more debt or selling the asset outright. 

do your freak out knowing you have millions in debt  or ?   

We will consider other opportunities that need bridge debt or development/larger repositions, but - as with all things in life - the increased risk demands increased reward.

I have personally seen that scenario take place and what ultimately happened was that the company just came back to the debtor and said, "You have to come up with $XXX,XXX for us to be able to qualify you for help.  

Just trying to understand:)I know some folks that do this quitclaim back to debtor (borrower, previous owner, whatever you want to call them) if unable to negotiate adequate discount, do you ever quitclaim back?

Once you have a tax deed and the redemption period is over and you have advertised the foreclosure, it would be a good thing to do a quiet title and an official closing with a title company or lawyer so you have no outstanding debt or surprises on the property you now own.  

We both are mid 20’s and have no debt or kids.

Debt or no debt, I've learned that you ought never run out of cash or things get really tricky.