I was just hired (though unwillingly) to purchase a note on behalf of a past client. He held a second mortgage and they both began to default. I encouraged him to foreclose faster than the first and he did. He now owns the property subject to the first note and needs them to take an $80k discount in order to protect his $100K. I know my way around a lender, but where do I start? Loss Mitigation? Secondary Marketing? Submit a short sale package? (I do short sales now and used to run a dept at a lender which is why he felt I was qualified).

But still don't know where to start. Please help with any guidance. Perhaps we can trade information. :)