Limbo property - Oklahoma City

[Deborah Burian]

There is a house on "my" block I'd like to own as a buffer... Has been vacant for a year or so, city has cut the grass a few times, cops out once for squatters & the city subsequently 'secured' the home... Meaning they posted it and boarded up the broken window.  In spite of all that, it's not in terrible shape, it had an elderly owner who took as good care as she could but then evidently had to move into other accomodations.  It does not look like she is deceased.

The mortgage was modified in 2010 but remains about significantly more than the current retail value of the house would be. I believe I have located a family member who is the owner's power of attorney.

A few weeks, or maybe a few months ago the property was posted by Altisource, an REO property manager, however, court records show no foreclosure activity (yet?). Without being inside but knowing the area, style, and likely major repairs, this looks like a 35K house with a 55K mortgage.

Any words of wisdom? Is that too much spread for a potential short-salt? Do I wait for the foreclosure?  Feeling stuck and wondering.