How to help this Seller - Subject To, Short Sale...

[Josh Stevens]

I'm stumped on how to help a seller.

I got a lead from my direct mail marketing, and the seller's situation is as follows:

She has a single family house that she purchased in 2007.  Her husband lost his job and they haven't made a payment on their house since April 2012.  They are agreeable to me trying to do whatever to help.  They're at the point where they'll either do a deed in leu (sp?) or just lose it.

I'm guessing the ARV would be around $165,000 and I'd guess repairs would be in the $30,000.

They have a balance of  $138,681 on the Loan, and a past due amount of $43,643 for the missed payments (to bring it current)

I don't know how to help.  My first thought was that maybe I could try a Subject-To, but I don't know how to negotiate with the bank to deal with the past due amount.

I don't know anything about Short Sales, but the seller has tried it twice and it has stalled out on the 1yard line with Chase Bank, so I don't know that I could do any better.

Any advice would be very much appreciated.

Thanks.