Home Owner wants out of contract that is Sold

[Parish Benoit]

I currently have a contract to buy and sell on a property. The property has been appraised by end buyers bank and title company is ready to close on my buy side. The home owner's mortgage company that was about to foreclose on him (3 months behind on his payment) has now offered him a loan modification program and he wants to accept it. 

What now. I still have 14 days in our original contract.