2nd TD holder wanting to own property

[Chet Mazur]

I bought the 2nd from the original lender. The house has sufficient equity to cover the 1st and the 2nd.

I own the 2nd and we want to take ownership subject to the 1st. and then cure the 1st refinance it. If I hold a trustee sale, then anyone can bid on the property, and we can potentially loose it to a higher bidder or have to "over pay" for it, if the bid is run up.

Is there a way to foreclose on a property w/o holding a trustee sale? I was thinking of a deed in lieu as an option, but that take the borrower cooperation.

Thanks.