They will not be made whole if they proceed with the foreclosure sale, so if you can offer them FMV, I would be surprised if they didn't take it, regardless of what they told your attorney in the initial call.

That said, you would be surprised how many people are out there that are open to creative structuring.

We are a brokerage that works with investors, finding them great deals on HUD homes in Florida.We have been surprised!

After 20 years I rarely get surprised....PS...Banner bank is big up North and east of the mountains in small towns...and they just quoted a doctor client in Tri-Cities 5.75% on a jumbo first mortgage.  

I wouldn't surprised if this came true, although the future is very hard to predict.  

I sell turnkey properties in the Chicagoland, and working with buyers every day, I’m always surprised at what numbers people use to base their decisions on.

The lender also said that the loan amount would have to be at least $100k in order for the lender fees to be under the required 5%.I've never heard of these safe harbor requirements so I was taken a little by surprise.  

@Jake Stevenson - Hey Jake, I'll DM you with a few recommendations for lenders in the area that I have used for clients and personal deals.I always tell people that (1) responsiveness is most important (they will send you that last-minute pre-approval when you have a property you are interested in, pick up the phone for a question, etc), and (2) knowledge of loan types, programs, and requirements so that you can know everything up front instead of getting hit with unexpected hurdles throughout the process. 

If I flip his unit now I should be done with the property, excluding unexpected repairs, for at least a decade.  

If it is a renter, they may be surprised, I have been invited in because I let them know if I get the house, I like to keep tenantsSecond  I go to the courthouse, looking for liens and judgements against property.