I need help! Bond for deed situation.

[Doug McRae]

I was contacted by a friend to help keep him out of foreclosure and I am not sure where to go from here. Here's the facts:

3/2 1900 sqft

highly sought after area, it would rent right away for $1850

Purchased 2 years ago so has very little equity

Interest rate is 4.1%

He hasn't made payments since August

Filed for bankruptcy last year

Willing to do a bond for deed and I would assume the loan

Should I even take on this property knowing that it has no equity? Is there a way I can contact his bank and get a reduced amount to get the loan up to date?