Another solution (non SS) for upside down property?

[Jose Enage]

I have a direct mail responder (out of state 'motivated' owner of rental condo in Atlanta) who wants to preserve his credit but does not want to do a short sale as the bank requires $20K to be paid. It is a secondary property thus the bank is not willing to do a remodification. Mortgage balance is $120k and realtor's CMA is $79k. He is at the point of listing the property. Property is in good shape but lost his tenant just last month. He is paying about $900/mo on mortgage, PITI, HOA all included. Average rent is about $900. I guess he is under pressure to have it rented asap.

Is there an opportunity to help him and make this a win-win situation for an investor like me? Is short sale still an option or is there another solution?

Need Help! I just want to see if we can make this work.