Need the finer points of Wholesaling Subject 2

[Dwaun Elam]

I received a lead about a property that sustained major damage. The property has two mortgages a 1st valued at 81000 and a 2nd at 14000. The property now is no longer worth the 95,000 that is owed on it due to the damage. The owner is 3 months behind on payments and does not plan on making them up. The mortgage companies are assisting the owner giving him options to walk from the property because of the sustained damage.

My question and I hope someone can help is how would I wholesale this? Would it be a standard subject to or would I need to negotiate with the mortgage company, or would I leave the latter option to my end buyer. It's a nice home in a nice neighborhood great schools would make a great rehab project. Any help that you guys could provide would be greatly appreciated.