Getting the Lenders to take less

I am a licensed realtor in MN and am just starting to do ss. I see that some people have had success in convincing the 1st and 2nd lien holders to accept a substantial amount less then what is owed by the home owner. How are you doing this? Whenever I approach a lender with a ss the first will only allow the second to recieve $1000 payoff and they want the rest. How do you keep these seperate and negotiate less? Do you just use a HUD 1 and say the 1st is only going to get 100K or the 150K is owed and the second is only going to get 10K of the 50K that is owed so now you are in a property for 110K that is worth 200K???

Any thoughts would rock!

JD

You have to convince the loss mitigation people that the market is weak, the house is in bad shape, most important is avoid bankruptcy the delay alone can cost the bank thousands of dollars.