Buying Mortgages in Pre-foreclosure

I was wondering if anyone has bought mortgages from the lender that are in pre-foreclosure phase. Would the lender sell a mortgage to investor where equity in the property is high. Also, how to negotiate with the lender on the mortgage, if it is possible. Finally, is it possible to finance the mortgage from the lender who is selling or any other lender.
Thank you for your comments.