12mo loan mod failed, $190k equity,knocked his door $20k behind

[Christopher Abernathy]

 so I have a homeowner that is not working with anyone yet like investors or short sale agents to help them with his pre-foreclosure and he comes outside and says yes let's talk "I'm worried because the bank wont I answer my calls I've been calling for weeks and im 20k Behind".  I let him know that he shouldn't worry and that we will save him if last option and help him not ruin his credit and lose the home .

 Homeowner is  20k behind 

 House is worth around 500K 

 190k in equity 

 He owes around 306k

 He mentioned that he had a 12 month loan mod that just fell through. 

  My question is before I hand this off to an investor as a wholesaler should i go in for a contract. what should be my steps in this situation at this stage. Should I build rapport with the homeowner and try to help him qualify for keep my home California or should I just prepare him to sell the home home 

. BTW home is in great shape well taken care of does not need many repairs and he also has a family wants to keep the home.

But does he have time?