It's like finding a needle in a haystack.

Plan B good luck finding that needle in a haystack.  

I suggest you call all the local smaller banks and credit unions to see if any are willing to do what you seek; make enough calls and you could find that needle in the haystack.

I like looking for the needle in the haystack type things as well, I drove agents crazy buying my first properties, I was not even into real estate as an investment then, was simply a buyer. 

Also, if you are very selective and diligent you can find a needle in the haystack listing from an Out of Area listing agent that wants to move a property quickly and work closely with an investor they know will perform for their client.

Or do not ... if you want to be hands off, passive, and invest in far away places with no experience or contacts, then just buy a damn REIT and be done with it, at least then you will be diversified and won't be trying to find a needle in a haystack thousands of miles away when you don't really yet know what a haystack even looks like, none the less what a needle is.

I think location is key.For example, we live in the Denver Metro area, so finding something that falls within the 1% rule is like trying to find a needle in a haystack.

You could also use Haystack.

I do not want to say its a needle in a hay stack...it easy to walk away from bad numbers but a good deal is out there for me some ware... love to hear back from 1st timers 

And while the lien may not need to be eliminated, just the arrears brought current, ownership can't change without triggering the due on sale.Your annulment scenario is the proverbial needle in the haystack and did happen in the past (Albeit infrequently) but I wouldn't count on that in today's world where a bank has the Loss Mitigation department not in communication with the Foreclosure department.