Help on potential 1st deal!

[Jay S.]

Hi, BP 

I need some guidance on this lead that my mom got thrown her way at work. Her client's mother has her house paid off with a second mortgage of $50k on it, which she now owes $45k on still. The bank keeps calling them to see what they are going to do about the mortgage owed to avoid foreclosure on the home this Friday. I talked to her son & he says that he really doesn't want this foreclosure to happen because this may affect his mother's medicare she receives (I'm not sure about if it will or not). I really genuinely want to help them avoid this headache while at the same time getting my feet wet in the REI field by learning from this situation. He also told me that the inside of the house needs NO repairs, because they just got the home updated (but I will be finding out tomorrow or Friday when I go to walk the property), also said that the back deck patio might need some touching up & one piece of siding that has not been replaced.

Sqft: 1416

bdrms/bths: 2/2

1 car garage with another one 480 sqft behind the house

wood floors

built 1962

large driveway 

in a good neighborhood 

2nd mortgage payment $673/mo 

property taxes $1842/ yr

He mentioned to me that the tax assessment is $67k, so I'm assuming he wants around this price for the house. He mentioned he believes the house is worth more & ask me about what was FMV because the banker told him that's what the house is worth & should sell for. I really couldn't get a word in to ask more detailed questions to get the real information needed to structure options / an offer. I should got the official asking price from him but it's him (the son) & his uncle helping her through this situation.

So my question is where should I go from here? What more information should I be getting? & What are my potential strategies to use to acquire the property & use to my advantage?