short sale opportunity?

I’m in Real Estate Investing business. I knew one couple cannot afford the house payment anymore(the payment is still current!), so they talked with bank. Bank suggest that they can either go through foreclosure or Walk away by Deed in Lieu. They’re in the interviewing procedure now. Bank is asking them for hardship letter, financial statement, etc.

My question is
If I step in, how can I get it under controlled. Since they are in the procedure now, can I still be the person to represent them to deal with bank?

Yes. They need to give the lender an “Authorization to Release Information” to you. If you are the buyer, you also need to have an offer in hand when dealing with the lender, so get your purchase contract signed by the sellers and send that to the lender at the same time.