Deferred principal?

[Jim Viens]

Got a call today from a lady as a result of a yellow letter. When talking to her she mentioned she has little to no equity. But then when I asked what she owed she pulled out her mortgage statement and tells me that it states her primary balance is $37k with a deferred balance of $57k. I got home and pulled a copy of the recorded mortgage online and found that it's an ARM from 2006 now held by Wells Fargo. The initial payment amount was $619.47 and the rate was 9.5% (figured at prime +6.99%). When the changes are calculated they are to be amortized to 1/1/2047...but the loan maturity date is 1/1/2037. What's going on with this loan? I don't think I've seen anything structured like this before. She's very tight on the equity and the property likely needs at least $15k in rehab costs. ARV is $80-$85k. I thought about a lease-option or sub-2 to help get her out of the house. She owned the house with her now-deceased mother and just wants to get away from the memories (but I don't want any bad memories of my own associated with this place). Any ideas/advice on what I might be able to do here?