Assumption with a unpaid balance

[Tim Mcbee]

I was driving for dollars recently when I found a great opportunity for a rental.

After a week of search and calls I found the home owner. He attempted to put the home under bankruptcy about 2 years ago and it "fell out". Not sure what that means or how that happens.

Currently there is 30k in an unpaid balance. The remaining mortgage amount makes it a great value for a short sale.

What are my options here (creatively) I don't want to list this as a primary residence just yet and right now the owners lender says they need the remaining balance paid to CONSIDER a assumption loan. 

Has anyone gone through this?

What is the best way to acquire this property without bringing hard money into it. Loaded question, I expect a very different answers...

Thank you