Buying non-performing notes (deed in lieu)

[Rafique Karim]

Hi. I'm learning about buying notes and was curious about non-performing notes. If I buy a note where the borrow is willing to do a deed in lieu of foreclosure, what is involved in that process? How do I profit from it? Do I create a new loan repayment plan or go through a process to sell the property? 

I came across a note that has $27,000 unpaid balance and selling for $2000. Got me curious why it would be sold for such low amount.