How would you structure this deal?

[Account Closed]

I had a homeowner approach me wanting to sell his home. His first mortgage is behind. Owes $52,520 first mortgage, $660 payment. Second mortgage $26,775, $275 payment, Current.

2 Story, Built 1900,
4 BR, 1 Bath, 1,950 Sq Ft.
Detached garage,

Assessed at $80K
Needs $10K repairs
Rents in area are $550 to $700

Should I bother trying to help this homeowner. There is no equity. Received a letter to cure by 2/4/09.

Any ideas?