Deed in Lieu, Short Sale, or Cash4Keys on 2nd NPN

[Arthur Mayer]

Scenario:

House is worth $65,000. (BPO)

Homeowner has a 1st for $58,000 and a 2nd for $15,000. (CLTV 112%)
Purchased the NPN 2nd for $2,000

She is behind on both her 1st and her 2nd by about 30 days now.   The homeowner no longer wants to keep the property, but doesn't want a foreclosure. 

My question is what would be the benefit and/or drawbacks of doing DIL, SS, or C4K? 

Thanks for the advice in advance! 

[Todd Tracy]

What would the property rent for?  Another option is to take the property subject to the 1st and hold it as a rental.  This may produce decent cash flow if the rate on the 1st is good and the 1st lien holder is willing to play ball.