Need help on what do do with this property.

Yesterday I had a guy call me and said that he is about to go to foreclosure but is not there yet. He is currently 1 month behind on his payments. He told me he is willing to do whatever to get out of the deal. But here is the kicker. He owes 250,000 on the house. The house is only worth 245,000. It is a condo he currently has a tenant in the house on a 12 month lease ending next march that pays 1,050. His note is 1,700 including condo fees. Do you guys see any way that I could do this deal. I was thinking it is a lost cause but I just wanted to get some opinions for you guys. The area is northern VA so it is somewhat of a hot real estate market.

Thanks in Advance for any advice.

there is no deal there; plus you have a tenant in for 9 more months lossing $650/mn (!!!) plus repairs, etc

we will see more of this in the near futureā€¦

I would help the renter find a new place and after that it is a kick a-- shortsale waiting to happen.

Be nice and flexible and it will work.