Your play would be to negotiate to buy the 1st and 2nd notes at a discount where they were in default, similar to current short sales.
I am a REO broker. If you have cash to invest, you can join my private circle of investors who have access to my list of "good deal" properties whether it be 3rd party Trustee's sales, Bank-owned, short sales, probates, divorces....
Currently, I am working on some short sale cases. If you are interested to invest on some property which below market price, let me know. I will include you as one of my investment group of clients. You will be the first to be notified on some investment opportunities.