Short Sale? Sub2 ..what to do

[D.G. Henderson]

A woman called today and wants to sell her house quick. Says she owes $53K..I'm thinking subject 2 and then she says. Her husband is the one on the deed and he's in Mexico. He's not coming back. Plus the house is going to foreclosure the first of October AND she's 5K behind in payments.
The only good thing about this deal is the 5% fixed interest on this property.
She's now a single mom with 3 kids and a husband that's vanished. He said he would sign but...he's in Mexico.
The loan is through GMAC.

Anyone out there dealt with anything like this?
Where would you start?
We could fedx papers to him but how would you know the ***owner*** was signing the papers.
Of course this woman wants to live in the house...she can't afford the payments now so no room for me to make anything.
I really feel sorry for her..there's no way she can come up with the 5K to reinstate the loan.
I wouldn't loan the money unless I was in first position...soooo? This was my brain teaser for the day, and I'm passing it on to you.
The property is a good *blue collar house* that would rent well or be owner financed.

Thanks and Great $uccess,
DTexas

[Bryan Hancock]

If she is adamant about staying in the house the deal is a non-starter.

Assuming you can get past that you need to talk to your title company about what is required for an out of state notary. I am sure they have dealt with this countless times. Fortunately I haven't had this come up in my deals yet.

What is your exit strategy and what is the house worth?

GMAC..ugh! Good luck there!