Owner Under Water - Options?

[Austin Moran]

Owner is selling his motorcycle to pay the mortgage due to wifes medical bills. He is married, employed, and has a couple of children. Before I contact the owner, I would like some feedback from the BP community on how to approach him. Ideally, I would like to keep him in the home and originate a new note. Here is what I've considered so far under the assumption they are close to foreclosure:

-Ask to buy property outright, originate new note with significantly lower monthly payment. (Assuming the numbers work)

-Inquire with bank about their willingness to sell current note (depending on performance) at a discount. Originate new note.

Cheers,

Austin