House with Equity, Paying off arrears and creating a 2nd mortgage

[Jonathan B.]

Here's a case

in FL - Seller in foreclosure has 120k principal @4%, Shes 10k in arrears,
house is worth about 250k, good condition.
She wants to stay at the house, but doesn't mind selling it if needed.
She will likely not qualify for a loan mod at the moment, good amount of equity.

She works in the medical field, just took sick and fell behind.

I was thinking of offering to pay her 10K in arrears and creating a 2nd mortgage @ 10% interest.

if she defaults, i can foreclose,  as there is a bunch of equity there.

any thoughts of a better scenario that i can make more of this situtation?