There are builders that are offering really low rates.

You aren't required to offer a loan mod prior to foreclosure.

We had a discussion about the costs I have endured and the low ball offer to cover expenses for going 5 months past contract deadline but haven't heard back. 

But the ‘investors’ funding letter in black & white says ‘this offer is considered cash’ & it’s signed by Nick Raimondi of Insula Capital Group, a private lender for Real Estate Investments.

@Heather Luu first, make it more efficient by only worrying about deadbolts.There is actually very LITTLE additional protection a lock handset offers in addition to a deadbolt.On the properties we manage, we remove all keyed doorknobs and just use passage locks. 

Basically you find these distressed properties in pre foreclosure, probates, divorces, or just ugly vacant properties. then you calculate the Max allowable offer and if it makes sense you call up the property owner, get it under contract for dirt cheap, then you assign the contract to a cash investor for an assignment fee. this is the general idea obviously it gets more in depth, but its finding deals that you would buy as a fix and flip or brrrr, and instead of actually buying it you sell it to other investors.Ahh I see, thanks for clearing that up.  

They are asking $375K but not getting it - so not quite $20k underwater from asking but they're offers so far are around $350k and lower.

As a property management company ourselves, we use Guesty, which offers an Owner Portal.

Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.

I used free tools like Zillow and Redfin to come up with a home value, asked him some questions about the condition of the home, made him an offer, and he accepted it.