advice on NOD with a student owner please

[Julia Shevchenko]

HI BP community. I hope someone can help me answer some questions that the owner asked me. 

The prop info: Located in California, she is 4 months behind and received a notice that on Sept 1st she will go into pre-forclosure. She has over $100,000 in equity. Because she is a PhD student, she doesn't want to sell the house and have the income disqualify her for the  student loans and all. Is there a loophole for a situation like this?

Her first exit strategy is to give her mother the quick claim deed and she will make her payments and bring it up to current as long as it doesn't ruin her moms credit. Then they will transfer the deed back to the owner. Is this a sound plan?

Second option is for me, as an investor to buy it from her at a discount or take control of the house and lease option it. I don't think I could lease it back to her, since she won't be able to come up with the chunk of cash to bring it up to current. 

I haven't studied preforclosures, so any advise is greatly appreciated.