Negotiating with lenders to get a major rehab under contract

[Jenn A.]

I'm looking for input on negotiating with a lender. I've found a major project that most investors have passed on because there's not enough equity for the owners to sell at that low of a price. Roof sagging, code issues, plumbing problems and cracked hvac, among other stuff. Has anyone had any success contacting the lender on the property about the scope of work and getting them to accept less than what is owed? I've never done this before but I've heard about it. I'm not sure what legalities come into play on this either. Any input is appreciated!