Assistance Needed with a Pre Foreclosure Seller Deal

[Richard Bunch]

I had a seller contact me about a property he's missed payments on for over two years. Apparently he hasn't received an auction date and didn't agree to start a shortsale. 

He is behind 185k on payments, owes 495k on the principle, there's something listed as an unpaid advance balance for 10k. Also an escrow balance of 15k. He bought for 600k in '05.  His current payments are 3100/month , 1700 of it going to interest. Market rent in the area is maybe 2200.

Needs about 10-15k repairs (paint, carpets/flooring )

ARV could be 550k to 630k.

He's open to any sort of deal and wants to save his credit. 

Was wondering what you all would do with this Seller's situation and if it would be worth it.

Thanks!